UK's Neverless launches Bitcoin accumulation service with up to 5x leverage

London-based crypto firm Neverless has unveiled an automatic Bitcoin accumulation service for individual investors called the 'Boosted Bitcoin Plan'. Neverless is a crypto services company founded by former Revolut executives.

On the 9th, according to crypto-focused media CoinDesk, Neverless launched a product that combines dollar-cost averaging (DCA)—where investors regularly buy in installments—with up to 5x leverage. Investors can deposit euros or crypto assets as collateral to automatically purchase Bitcoin regularly while simultaneously taking out loans.

Phuc To, Neverless’s chief executive officer (CEO), said, "Institutions and the wealthy can easily get access to loans to buy assets, while ordinary people are left with debt," adding, "Neverless aims to give individuals the opportunity to use credit to accumulate assets."

He added, "The goal of this service is to allow people to own part of the century's top asset and build wealth in the way the wealthy have done."

Founded in 2022, Neverless currently supports fee-free trading of more than 500 crypto assets and provides retail investors access to decentralized finance (DeFi) assets.

The company raised $6.7 million in seed funding last year and obtained a MiFID license. It is reported to have 50,000 users and a cumulative trading volume exceeding $1 billion.

The outlet said, "Neverless's new service is an attempt to extend institution-centered credit and asset management methods to retail investors," adding, "There is a possibility that Bitcoin accumulation investing using leverage could spread to small investors."