Nikolay Storonsky, the CEO of Revolut, an app-based bank recently told CNBC that he doesn’t feel Bitcoin and similar digital currencies is “a fraud.” This comes just days before the start-up proposes to launch its very own string of cryptocurrency based services. In stark contrast to Jamie Dimon, the CEO of JPMorgan, who had refereed to the Bitcoin price surge as a vehicle of “fraud” which could “blow up” any time, Nikolay has taken up a pro-Bitcoin approach in his announcement. “They are definitely not a fraud,” said Nikolay Storonsky in an interview held on Tuesday.

Also Read: JPMorgan Thinking Of Offering Access to CME Bitcoin Futures To Its Clients

The co-founder of Revolut agreed to the fact that people might not make use of Bitcoins on a regular basis, but that does not deem it useless. For making his point he drew comparison with the yellow metal which have for long been used by people as a store of value. He says :

“Real-world usage for gold is quite limited. But still there is a huge market, huge volumes that are being traded in the market, and these volumes determine the gold price. The question, ‘Where is the real gold price?’ No one knows. It’s the same with bitcoin. Volumes are increasing, the price is shooting up, there is no implication of bitcoin in the real world, it’s quite limited,”

Nikolay agreed to the fact that 99% of the entire bitcoin transaction volume is driven by speculations whereas only 1% pertained to everyday applications. The inherent volatility of Bitcoin has been a subject of much concern amongst the top-bosses of financial services sector.

Bitcoin’s price has crossed the $8,000 boundary in this month. Mike Novogratz, the hedge fund legend and a billionaire investor predicted that Bitcoin price could reach $10,000 figure within the year’s end.

Also Read: Ethereum Price Rises Following The Bullish Prediction By Mike Novogratz

Nikolay shared with CNBC that users have been lining up to benefit from the digital currency functionality of Revolut’s application. Presently, users are provided with a peer-to-peer payments service, currency exchange with over 26 different currencies and a pre-paid contactless MasterCard debit card. Revolut’s users shall be able to enter into crypto transactions including Bitcoin, Litecoin and Ethereum once its digital token wing is launched. Users can also transfer their virtual holdings to other users having Revolut accounts.

Square, another fintech firm is also working on the same sphere which will allow users to transact in Bitcoins using a Cash application. Revolut announced on Friday that its user base aggregated for 1 million account holders with 3500 new entrants joining the drill on a daily basis. Earlier this month Revolut had applied for a European banking license and hopes to start with deposit and credit services on receiving the green signal. Nikolay concluded by saying, “the reason why we are growing so fast is we provide real value to customers.”

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Tarunima Ghosh Laha is a Finance Post Grad from St. Xaviers who believes Finance is more than just Balance Sheets and Ledger creation. This filmy bookworm who believes she was a sloth in past life also nourishes a penchant of owning a private zoo someday. Equipped with a laptop and online Lexicon she is all set to give finance a glamorous makeover in the form of exciting writeups with bang on info and flashy new words.