The EU just recently granted a banking license to Revolut application. This app offers cryptocurrency trading and instant transactions. This European Union central banking license will help establish this application in the European market. The Revolut Bank which will be used to manage all the finances of people is also on the way.
The company behind this application declared beforehand that these updates will not be fast. This is because testing of the features will have to be carried out in the upcoming months. The company will also work with the regulators as well.
Next year, the services this company offers will be tested in Lithuania and at the end of 2019, the plans to extend to the market in Europe will be tested as well.
Once the testing phase is complete and good, Revolut will launch a number of traditional banking features and services such as direct debits, personal loans, overdrafts, in-house payment processor, and many others. The European Deposit Insurance Scheme will protect deposits up to $113,000. In July 2017, Revolut debuted Bitcoin trading after raising $66 million.
The cryptocurrency community is skeptical of this platform as they have asked if they are really buying the cryptocurrency of if it’s really just a betting service.
Revolut started supporting Litecoin (LTC) and Ethereum (ETH) in December and Ripple (XRP) and Bitcoin Cash in May 2018. Users of this application can trade 5 cryptocurrencies with over 20 Fiat currencies. The investors of this company are Index Ventures ( who are the investors of BitPay and Xapo), Balderton Capital and Ribbit Capital.
You can’t own cryptocurrency in Revolut even when you can buy it at a very reasonable rate. It would cost about $3,155 USD to purchase Bitcoin at the moment with the average price if it is over $3,250 according to reports from CMC. There is another downside of this application, you also cannot withdraw this Bitcoin from your wallet (Revolut) and you cannot deposit Bitcoin from another wallet to Revolut as well. The only thing users can do on this application is to buy and sell Bitcoin and the other four altcoins through the Revolut platform.
Users really do not favor these downsides as most of them will prefer an application where you can deposit cryptocurrency as well as withdraw them. This skepticism is as a result of the strict regulatory framework for the application. However, Revolut is a good option for users that want to transfer minimum cash to their friend in another part of the country.
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