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“We got a banking licence.” The United Kingdom-based FinTech Revolut announced in a recent press release published on its website. The startup is finally allowed to operate in the European Union. The news is that Revolut is a crypto friendly solution.
The European Central Bank has approved Revolut’s European banking licence. They got the acceptance through the Bank of Lithuania and will be “leveraging passporting rules to operate in other European countries.”
As the European Union rules, most companies can be part of the European free market if they are based, or approved to work in one of the countries.
“In the coming months,” the press release says, “we’ll be doing a lot of building and testing behind the scenes, and working closely with the regulators to have any restrictions on our licence removed, so that we can launch full current accounts, overdrafts and everything else you’d expect from a bank.”
Revolut’s accounts and clients will be now protected up to €100,000 under the European Deposit Insurance Scheme. Until now, clients funds in Revolut were “safeguarded in accounts with a tier one UK bank, as per our obligations under the e-money regulations.”
The company is expecting to offer overdraft, loans, credit and debit cards in the middle terms. According to Revolut, the next 18-month period will be exciting and a “game-changer.”
Nearly 10,000 people are opening Revolut accounts per day now. Total users are generating $4 billion in transaction volume each month.
Currently, users in Revolut “can gain exposure” in five of the most popular cryptocurrencies: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP).
Crypto users have access to their own wallets. Purchases are linked to fiat or traditional currencies.