Revolut, the London-based fintech
unicorn that offers users a digital alternative to traditional
banking services, has been granted a European banking license by
regulatory authorities, allowing them to offer Europe-based users a
plethora of digital banking services.
Revolut features an in-app exchange
that allows users to gain exposure to five
cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum,
Litecoin, and Ripple. The platform, which in many ways is a
competitor to the US-based Robinhood, allows users to buy and sell
crypto commission free, with the only cost being a 1.5%
exchange rate markup to account for volatility.
Revolut Gains Access to
Significantly More Users, Could be Bullish for
On Thursday, the company announced
that they had received a banking license from the European Central
Bank (ECB), which will allow them to begin expanding their services
across the continent, entering key markets like Germany, the U.K.,
France, and Poland, over the next year.
Revolut will offer users nearly all
the services that traditional banks offer, including business and
consumer lending, direct salary deposits, overdrafts, and up
to 100,000 protection covered by the European Deposit
Revolut, which offers users quick
and simple access to cryptocurrencies, is opening between 8,000 and
10,000 accounts per day, and has plans to expand into the US,
Canada, Japan, Singapore, Australia, and New Zealand, throughout
Nik Storonsky, the founder and CEO
of Revolut, spoke to CNBC earlier this
week, and said that the company already has a significant amount of
users in the US waiting for accounts.
At the moment we have about 100,000
waiting in the U.S. without any marketing, he said.
As Revolut expands its services
across the world and gains more users, it could potentially siphon
a significant amount of money into the crypto markets due to the
easy and cheap access it offers users.
In addition to offering easy access
to crypto, Revolut also launch...