The latest cryptocurrency news put one crypto friendly banking app from the United Kingdom in the focus. We are talking about Revolut, the startup which raised $500 million in a fresh funding round and tripled its valuation to hit the $5.5 billion mark. As the Financial Times reported on February 25, this makes the cryptocurrency supporting app one of Europe’s most valuable fintech firms.
Ever since 2017, the app has enabled the users to complete transactions in cryptocurrencies which include Bitcoin (BTC), Litecoin (LTC), Ether (ETH) as well as Ripple’s native token, XRP. In December 2018, the firm also received a banking license in Lithuania which paved the way for this crypto friendly banking app and allowed it to offer a fuller suite of banking services.
The new funding round, as we can see, was led by the Silicon Valley venture capital group TCV which invests in major tech players such as Facebook, Airbnb, Tripadvisor, LinkedIn and Spotify.
The $5.5 billion valuation of Revolut by TCV equals the previous record which was set by a private European fintech – Sweden’s Klarna back in 2019. The fact that this app is mentioned in the Bitcoin news for its cryptocurrency and stock trading features tells a lot in the regulation crypto world, signifying that a bright future is here for the project.
With a user base of 10 million, Revolut saw major customer growth and rose by over 150% last year. Alongside its crypto and stock trading features, the firm is also looking to expand into lending services and is actively pursuing a regulation crypto UK banking license.
So far, the UK proved to be a highly lucrative market for Revolut but disrupter banks, too. Many times, these banks are dubbed “neobanks” and have had their users soaring from 7.7 million to 19.6 million last year, according to reports released yesterday by Accenture.
Right now, the first half of 2020 is seen as a crucial period for the crypto friendly banking app and one which may see Revolut launching in the United States, if the firm manages to clear the regulatory hurdles. It has also been eyeing an expansion to the Latin American and Asian markets.
All of this shows that crypto-related banking services are on the rise.
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