A New Banking App in the Crypto World Enjoys EU Banking License
Revolut, a crypto-based startup, has tried to introduce itself as a user-friendly app which replaces the traditional banks and can cover all banking operations vital for the customers besides adding many profits observed in cryptocurrencies.
Revolut app latitude
A novelty in the realm of startups, it has recently been launched with some facilities specified to cryptocurrency. Owning cryptocurrencies-conversion ability and a platform similar to Robinhood in the US have made it popular in a short period of time. Besides, it can manage five major types of cryptocurrencies including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC) and Ripple (XRP).
Increasing the number of cryptos in this startup was done in three stages: first, was launching bitcoin trading service in July 2017, then adding Litecoin and Ethereum in December of that year and it was followed by being supplemented with XRP and BCH in May of this year. Besides, supporting these five, it can manage up to 25 fiat currencies too. Its main feature is doing transfers without any extra charge as commission and just specifying 1.5% of the exchange rate to volatility.
There have been some investors who helped this startup run which are assumed the honor for Revolut, like Index Ventures (having supported other crypto startups such as BitPay and Xapo), Balderton Capital and Ribbit Capital.
Now, the license issued by European Central Bank which results in its dramatic intra-continental development and joining to the European big and powerful markets of Germany, U.K., France and so on, is the other piece of good news for cryptos; however, it has experienced such confirmation before by a north-east European country, its first banking license was issued from the bank of Lithuania. The good point is that it has the power to handle all the services traditionally offered by banks like depositing salaries, overdrafts and good insurance protection.
The other is the speed of gaining access to cryptocurrencies in Revolut. Think about filling application forms for various banking operations in a few minutes and depositing the money immediately after you do it on your app. It equals saving time and omitting bureaucratic processes usual in every department.
Now, about 8000 to 10000 accounts opened per day by this app seems satisfying and its services to the users will be expanded to other continents in the near future according to its enlargement plans. Further, according to Nik Storonsky, the founder and CEO of Revolut, there are many potential users waiting for it in the U.S today too. The transactions carried out by the customers are over $4 billion per month, and a fivefold revenue is its fortunate result.
From its other capabilities is offering a debit card to which the cash-to-crypto convertibility is added. The more customers who have become independent from traditional banking system because of attaching to these kinds of apps, the more they will be interested in changing into app fans. These apps wish to change into the most valuable and high-technology app.
Its total amount of capital is now $1.7 billion, and the process of fundraising will probably be continued up to $500 million with the cooperation of SoftBank; although there is not any money shortage, as the founder claimed. The prosperity of these startups, as well as the people’s inclination to choose digital solutions for their businesses, can bolster cryptocurrencies, Blockchain technology and whatever else required to prune their trading troubles.