London, UK, September 16, 2024, Chainwire
Three former Revolut executives have launched Neverless, an app offering commission-free crypto trading with an automated passive investment account that aims to revolutionize profits for its users.
The Neverless team raised $6.7 million in one of the largest pre-seed funding rounds in European history. Since then, the company has registered in many European countries as a VASP (Virtual Asset Service Provider).
“We will pursue all platforms that exploit their users by charging them fees.” Rita Riera, director of Neverless Spain
Neverless lets users buy and sell cryptocurrencies without any deposit or transaction fees. The app is straightforward to exploit and lets users deposit funds in euros, a feature that several major platforms recently discontinued. Additionally, some cryptocurrencies automatically earn daily interest through the app.
‘Strategies’:Automated investment accountNeverless offers a market-neutral investment account called Strategies, which allows users to invest automatically and steadily. While past performance is no guarantee of future results, Strategies has a solid 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 potential return or flexibility in terms of deposits and withdrawals like our Strategies account. Riera says.
Neverless offers all users the same potential returns, with no minimum deposit or lock-up periods. There is no need for a “premium” account to access these returns, which sets it apart from competitors who often 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 immense private equity funds, Neverless has made it publicly available with no minimum investment. Instead of predicting future prices, the algorithm scans the market in real time to exploit inefficiencies, such as compact price fluctuations between exchanges. The Neverless algorithm buys cryptocurrencies on a cheaper exchange and sells them on a more exorbitant one, profiting from the difference. This process is done millions of times per second, generating stable profits without exposure to market direction.
Putting Neverless to the TestTo check whether Neverless really charges zero fees, simply execute the same transaction on another exchange at the same time.
In one test, a user bought $10,000 worth of Bitcoin on another platform while doing the same on Neverless. The result: the second platform ended up giving 1.49% less Bitcoin.
From Revolut to NeverlessAfter helping to build Revolut into a major fintech player, the founders of Neverless identified key problems in both the time-honored financial system and the cryptocurrency space. Lack of transparency and high fees were common issues they sought to eliminate.
“Neverless was born out of personal frustration. There was no app that was transparent, user-friendly, and didn’t feel like a scam with hidden fees. Since it didn’t exist, it had to be created.” Riera explains.
A significant portion of the Neverless development team also comes from Revolut and is responsible for developing the Strategies algorithm, a product that is exclusively proprietary to Neverless.
Plans for development and the futureIn just a few months, Neverless has gained thousands of users and surpassed $100 million in transaction volume. With its VASP registration and focus on key markets such as Spain, France, and Ireland, the company has already gained a mighty foothold in Europe.
Now Neverless plans further expansion, intending to enter other markets in Europe and Latin America next.
The company’s rapid growth and ambitious plans demonstrate a clear determination not only to transform the cryptocurrency market but also to secure a leading position in global markets.
About Neverless
Neverless is the world’s only cryptocurrency platform that lets you buy and sell cryptocurrencies completely fee-free and gives you access to automated hedge fund investment tools that are designed to deliver high, stable returns. Founded by former Revolut executives, it raised a record $6.7 million in pre-seed funding and already has Virtual Asset Service Provider (VASP) registrations in multiple EU countries.
ContactDirector of Neverless SpainRita Riera PastalleI neverrita@neverless.com
