Crypto Banking App Revolut Obtains EU Banking License


Crypto fintech Startup Revolut has successfully obtained a banking license from European Central Bank.

Revolut plans to offer its customers banking accounts with insurance up to 100,000 in Euros through the European Deposit Insurance Scheme (EDIS).

The startup also plans to implement the license during the early parts of 2019, with their main focuses being the UK, France and Poland.

Nik Storonsky, Founder and CEO of Revolut had this to say,

“With the banking licence now secured, commission-free stock trading progressing well and five new international markets at final stages of launch, we are living up to our reputation as the “Amazon of banking”. Our vision is simple: one app with tens of millions of users, where you can manage every aspect of your financial life with the best value and technology.”

During the previous year, Revolut began offering cryptocurrency trading services along with offering global money transfers with real exchange rates, spending overviews, budgeting control and saving feature. Revolut also plans on launching a commission-free trading during 2019.

Revolut also has future plans of offering a debit card which will receive cash back in crypto.

At the current moment, Revolut supports over five cryptocurrencies, Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Ripple (XRP).

Revolut successfully launched its debut during July 2015 and currently transacts over $4 billion per month in volume.

Our Thoughts

Revolut is making big strides wit its trading service in the coming year. With its grand new access in the European Union, it’s going to be quite interesting to see the oncoming growth for the section of the world.

Are you planning on joining Revolut after this?

Let us know your thoughts.

 


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Keith Wang

Keith Wang is a writer and programmer specializing in bitcoin and blockchain technology. Keith has been a long time believer of bitcoin and blockchain technology and spends his free time following up with blockchain news. You can contact Keith at keith@cryptomenow.com

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