Digital Currency Platform Revolut Receives European Banking License 1 min ago

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On Thursday, Dec. 13, digital payments platform Revolut
announced that the company has been approved for a banking
license in Europe by the region’s central bank. According to
Revolut, the license will help it provide better access to digital
currencies and also offer traditional banking services.

Revolut is a UK-based digital currency company that allows
people to purchase, sell, and store cryptocurrencies like bitcoin
cash, ripple, ethereum, and others. Founded in 2015 by Nikolay
Storonsky and Vlad Yatsenko, Revolut has raised $336 million
since its inception. On Dec. 13 the team revealed it was approved
by the European Central Bank for a banking license that allows the
company to provide more financial services to customers. Revolut
has explained that at first everything will be done “behind the
scenes” so that the company will eventually be able to offer full
current accounts, overdrafts, and other traditional financial
services.

“If you choose to open a full current account with Revolut Bank in
the future, any funds you deposit will be protected up to €100,000
under the European Deposit Insurance Scheme (EDIS),” Revolut’s
blog announcement detailed.

Revolut Plans to Roll Out Overdraft Features and Personal Loans

Additionally, the Revolut team says customers will have access to
overdraft facilities and this means users won’t have to worry about
‘insufficient funds’ notifications, automatic top-ups, and negative
balances.
The company further emphasized:

"The competitive personal loans we plan
to offer will help out when your budget
can’t cover a bigger purchase when you
want to book that long-overdue holiday,
or for anything else that requires a small
cash injection before your next payday."

Revolut says it will start to experiment with the license in 2019 in
Lithuania and hopes it can expand the services to other European
regions after the testing. Furthermore, the license will give it the
opportunity to provide U.K. direct debit payments. The British-
based company also says that it is currently constructing its in-
house payment processor. Revolut hopes to implement everything
involved with the newly approved banking license over the next 18
months. According to the digital currency payment platform’s
website, Revolut will additionally roll out services in the U.S. in
the near future.

Source: https://news.bitcoin.com/