London, UK, September 16, 2024, Chainwire
Three former Revolut executives have launched Neverless, an app that offers commission-free cryptocurrency trading alongside an automated passive investment account, aiming to revolutionise profitability for its users.
The Neverless team raised $6.7 million in one of the largest seed funding rounds in European history. The company has since registered in several European countries as a VASP (virtual asset service provider).
“We are going to pursue all platforms that exploit their users with commissions.” Rita Riera, director of Neverless Spain
Neverless allows users to buy and sell cryptocurrencies without deposit or trading fees. The app is easy to use and allows users to deposit funds in Euros, a feature that several major platforms have recently stopped offering. Additionally, through the app, some cryptocurrencies automatically generate daily interest.
'Strategies':An automated investment accountNeverless offers a market-neutral investment account called Strategies, which allows users to invest automatically and steadily. While past performance does not guarantee future results, Strategies has a strong track record, with an average annualized return of 12.81% over the past 90 days and an average return of 11.89% over the past 12 months. In the volatile world of cryptocurrencies, Strategies aims to provide consistent returns without relying on market fluctuations.
“Other platforms have similar products, but none offer the return potential or flexibility in terms of deposits and withdrawals as our ‘Strategies’ account.” says Riera.
Neverless offers the same potential returns to all users, with no minimum deposits or lock-in periods. You don't need to have a “premium” account to access these returns, a feature that sets it apart from its competitors, which typically charge higher fees for premium tiers with better returns.
The technology behind the 'strategies'Neverless uses market-neutral automated strategies. While this technology has been used by large private investment funds, Neverless has made it available to the public, with no minimum investment. Instead of predicting future prices, an algorithm scans the market in real-time to exploit inefficiencies, such as small price variations between exchanges. The Neverless algorithm buys cryptocurrencies on the cheapest exchange and sells them on the most expensive one, profiting from the difference. This process runs millions of times per second, generating stable returns with no exposure to market direction.
Putting Neverless to the testTo check if Neverless really charges zero fees, simply perform the same transaction on another exchange at the same time.
In one test, a user bought $10,000 on another platform while doing the same on Neverless. The result: the other platform ended up giving 1.49% less Bitcoin.
From Revolut to NeverlessAfter helping to build Revolut into a major fintech player, Neverless’ founders identified key issues in both the traditional financial system and the cryptocurrency space. Lack of transparency and high fees are common problems they sought to eliminate.
“Neverless was born out of personal frustration. There wasn't an app that was transparent, easy to use, and didn't feel like a scam with hidden fees. Since one didn't exist, one simply had to be created.” explains Riera.
A significant part of the Neverless development team also comes from Revolut and is responsible for creating the Strategies algorithm, a proprietary product of Neverless.
Growth and future plansIn just a few months, Neverless has gained thousands of users and surpassed $100 million in transaction volume. With its registration as a VASP and its focus on key markets such as Spain, France and Ireland, the company has already established a strong presence in Europe.
Neverless now has its sights set on further expansion, with the goal of tackling the rest of Europe and Latin America.
Its rapid growth and ambitious plans highlight a clear determination to not only reshape the cryptocurrency landscape, but also secure a leading position in global markets.
About Neverless
Neverless is the world’s only cryptocurrency platform that allows commission-free buying and selling of cryptocurrencies and provides access to automated hedge fund investment tools that aim to deliver high and stable returns. Founded by former Revolut executives, it raised a record $6.7 million seed funding round and already has Virtual Asset Service Provider (VASP) registrations in several EU countries.
ContactDirector of Neverless SpainRita Riera PastalleHowever[email protected]
This article was originally published on Chainwire
