Digital Banks Providing Crypto Options Are Growing: Report

The number of digital banks that provide various crypto options is growing. There are plenty of newcomers who offer digital access to existing banks and financial institutions which have also added crypto functionality to their platform as we are reading further in the crypto news.

It is important to understand which kind of functionality you will need to have from your digital bank with the crypto options before you sign up for the services. Unlike the current banking model, the new set of banks with crypto options offers multiple services. There are a lot of digital banks that will give you the same traditional-like banking features and also offer options for crypto ownership and use. Here we will discuss one of the more popular banks that you should consider.

Revolut is a financial company that offers basic banking services for people from the UK and around the EU. It also supports the ownership of cryptocurrencies and it is most preferred by people that travel a lot because of the digital banking options.
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The company also offers low priced ATM transactions globally as well as cheap rates for money transfers around the world. Revolut customers can use a Visa card and manage their money from their app.

Revolut is not technically a bank but it is regulated by the FCA in the UK. Revolut customers in Lithuania are covered by a 100,000 EUR deposit guarantee but this cannot be extended to any other customers of the platform. For people that want to have full access to crypto, the platform offers a very interesting option. The platform allows its clients to purchase and sell crypto both in crypto-to-crypto and crypto-to-fiat option within the app. The rates that the bank offers are good as well. The users who choose to own crypto via their Revolut account will never get access to private keys.

In essence, this means that Revolut owns the cryptos and the clients have to go through a hassle to actually use the crypto outside of the platform. With the lack of actual crypto ownership, Revolut offers one of the best fiat platforms out there. The clients can spend crypto holdings through their debit cards and trade as much as they want with their own accounts.