British banking app Revolut is is extending a push into cryptocurrencies, despite the Bitcoin boom subsiding and traditional lenders distancing themselves from the market.

The company, which last year became the first banking app to let customers invest in Bitcoin, said it would add both Ripple and Bitcoin Cash, which are the third and fourth-most popular cryptocurrencies by market value.

It says “hundreds of thousands” of its 1.8m customers have chosen to invest in virtual currencies since December, when it launched the service.

The price of Bitcoin has slumped by 60pc since its high in December, with other virtual coins such as Ethereum and Litecoin also dropping significantly.

Banks including Lloyds and Virgin Money have restricted cryptocurrency purchases, banning customers from using credit cards to buy them, amid fears about their volatile prices and uncertain legal status.