Revolut Money App Gains EU Banking License

Revolut, a mobile finance app that offers instant transactions and also crypto trading, recently announced they’ve won an EU banking license. Having an European central Bank banking license will help Revolut become more established in the European market. This way, people could manage all their finance from one single place – the upcoming Revolut Bank.

The updates will not come too fast, however. The company declared that beforehand, they have to test the features and work with regulators in the upcoming months. The services offered will be tested in Lithuania next year and plans to expand to the European market at the end of 2019.

With the testing phase going good, we can see Revolut launching a lot of traditional banking services such as personal loans, direct debits, in-house payment processor, overdrafts and many others. Right now, deposits up to $113,000 will be protected under the European Deposit Insurance Scheme. Revolut launched Bitcoin trading since July 2017 – after raising $66 million in a series B funding round.

In December, it added support for Litecoin (LTC) and Ethereum (ETH) as well as for Ripple (XRP) and Bitcoin Cash (BCH) in May 2018. Right now, users can trade 5 cryptocurrencies with 25 fiat currencies. Revolut’s investors are Index Ventures ( backers of crypto startups BitPay and Xapo), Balderton Capital and Ribbit Capital.

While with Revolut you’re being able to buy cryptocurrency at a decent rate, you can’t really own it. To purchase a Bitcoin right now, it would cost a $3,155 USD while the average price is above $3,250 according to CMC. The worst part is that you cannot withdraw the Bitcoin from your Revolut wallet and neither you can deposit Bitcoin from another source to Revolut. What you can do is purchase and sell Bitcoin and the other 4 cryptocurrencies through Revolut.

Which is not really how users want it to be. Most of them would prefer to be able to deposit or withdraw cryptocurrencies there. The community even asked themselves if Revolut is really buying the certain cryptocurrency or its all a betting service, like Futures. This might be due to the strict regulatory framework, but Revolut is still a good option for people that want an app to transfer some cash to a friend across the globe in less than 1 minute.

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