Revolut Receives European Banking License

Revolut Receives European Banking License

Author: Ilija R
Date: 
December 17, 2018
Read time: 
2 minutes

Revolut, UK’s new fintech unicorn which features Bitcoin and cryptocurrency exchange services in their app, has just received its European banking license. Now, many expect the company to become the  “Amazon of banking”.
 

Revolut, UK’s new fintech unicorn which features Bitcoin and cryptocurrency exchange services in their app, has just received its European banking license. Now, many expect the company to become 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.

Accounts available in Europe soon

Revolut will likely disrupt traditional banking by offering European customers better services:

“With the banking license now secured, commission-free stock trading progressing well and five new international markets at the 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.” – said the founder and CEO of Revolut, Nikolay Stronsky.

The company is expected to soon start rolling out their services in smaller European markets before expanding to bigger ones such as United Kingdom, France, Germany, and Poland.

cryptomaniaks

Revolut is Paving the Way

Revolut launched an in-app cryptocurrency exchange last year, and it also started issuing a debit card that will allow customers to receive cash back denominated in Bitcoin, Ethereum, Ripple (XRP), or any of the other cryptocurrency assets available through the app. They are also announcing a commission-free stock trading across Europe, similar to Robinhood.

Many cryptocurrency companies and particularly exchanges have often come to a dead end when attempting to find stable banking partners, as many financial institutions remain skeptical of their position on cryptocurrencies. However, Revolut is embracing the new technology and paving the way for the rest of the banks to follow along with their path.
 

The Cryptocurrency RevolutionHas Already Started

The revolution that cryptocurrencies did bring is just starting, and banks having a negative stance will soon be a thing of the past. Now, more than ever is the right time to start learning about cryptocurrencies. Check out our educational section on what Bitcoin is and how to use it. Start learning, and then start earning!

Posted by Ilija R

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