Revolut App approved for EU Banking
December 14 2018 - 1:15PM
ADVFN Crypto NewsWire
Bitcoin Global News (BGN)
December 14, 2018 -- ADVFN Crypto NewsWire -- Perhaps other
aspiring mobile crypto banking platforms like Good Money have
already been beaten at the starting line. Today, Coindesk published
a reaction to yesterday’s news of the Revolut app obtaining a
banking license and what that might mean.
If you have not heard of Revolut
before, think about a bank that is completely reliant on its’
mobile platform, which includes a crypto exchange. Thus, Coindesk’s
characterization of it as a crypto-friendly bank instead of a
crypto bank is on point. On their main site, they list their key
differentiator as facilitating customer transfers between 24
currencies without any fees. At the same time, they do charge fees
on purchases over about $5600 as well as for keeping accounts open
per month. With these facts and others like their 2% withdrawal fee
in mind, it appears that their fee-less currency exchange service
is somewhat of a nominal concession.
On top of all of this, their
cryptocurrency exchange supports Bitcoin, Ethereum, Litecoin,
Ripple(XRP), and Bitcoin Cash, though at this time it is not clear
whether they support BitcoinABC or BitcoinSV. Once all of this is
known, it is important to mention that Revolut users are unable to
send crypto from any outside service to the Revolut platform. That
means that anyone who wants to involve any of their existing
holdings in their Revolut experience, would have to start from
scratch with fiat.
In addition to this drawback,
Coindesk reported that Revolut is nowhere close to achieving its’
goal of providing an account that effectively supports 30
currencies, all in one place. As of now, their development schedule
reportedly includes their first pilots occurring exclusively in
Lithuania, before moving to the rest of Europe.
Therefore, even though they
have a banking license, Revolut appears to represent another
example of a crypto project that the media has hyped up before it
is truly ready to launch.
By: BGN Editorial Staff
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