With Neverless, Ex-Revolut Leaders Aim to Simplify Purchasing Meme Cryptocurrencies

Beyond the vast sea of Dogecoin-like meme coins lies an ambitious startup named Neverless. Their aim is to streamline the process of trading cryptocurrencies, especially focusing on providing entry to lesser-known small-cap tokens. This up-and-coming cryptocurrency venture is the brainchild of three ex-Revolut senior officials, creators with formidable backgrounds in the London-based financial tech titan.

Phuc To, former Revolut’s global head of product, spearheaded their crypto initiatives in 2021. Mikael Peydayesh managed the core payments connectivity and transitioned to leading the firm’s premium plans. Meanwhile, Arthur Johanet once directed card payments before taking charge of the company’s cryptocurrency division.

Despite the crypto exchanges’ advancements in simplifying user onboarding, this trio saw room for enhancement and collaborated to develop an app designed to make cryptocurrencies more approachable.

Neverless permits the purchase of over 400 different crypto tokens through the app, supporting payment methods such as Apple Pay and Google Pay. It goes beyond common digital currencies to also include meme coins as well as those with less prominence and smaller trading volumes.

The complexity in acquiring these smaller market cap tokens usually lies in locating a listing exchange or navigating the intricacies of swapping tokens on decentralized exchanges, a daunting task for those unfamiliar with dApps.

Challenges also exist in disparate pricing and potentially substantial spreads between ask and bid prices when seeking tokens of lower volume. Neverless asserts its capability to direct trades to the most favorable platforms, ensuring optimum prices for its clientele.

Consumers may find it difficult to grapple with the fees associated with cryptocurrency trading. While experienced individuals comb through the fine details and factor in costs, large exchanges can exploit their leverage to enforce elevated fees for those preferring immediate transactions over placing market orders.

Neverless refrains from imposing fees for crypto purchases and sales conducted via bank or blockchain transfers, Apple Pay, and Google Pay. Transactions exceeding $1,000 made through Apple Pay or Google Pay are subject to a 1% fee. Nevertheless, fee structures may evolve as Neverless gains further recognition.

As for its current revenue streams, Neverless earns interest on select cryptocurrencies (BTC, ETH, DOGE, SOL, XRP, and AVAX) that benefits its users. Additionally, it provides automated trading strategies focused on high-frequency arbitrage and market-making, taking a proportion of the profits earned from these investment ventures.

With a MiFID license in its possession, Neverless stands as a fully regulated financial entity within Europe and prepares to adhere to the imminent Markets in Crypto-Assets (MiCA) regulations expected to be enforced shortly.

In a recent event, the fledgling project garnered $6.7 million from a seed funding round propelled by Lakestar and Connect Ventures. Nordstar and personal contributors like Chad West, Dan Westgarth, Eamon Jubbawy, Xiao-Xiao, and David Chreng also participated.