Revolut, the latest entrant into the smartphone-based banking sphere has announced its plans to come into the United States after a remarkable run in Europe, which saw the companies expand to over 28 countries in the continent.
In the ongoing TechCrunch Disrupt conference, Nikolay Storonsky, the CEO of Revolut gave users a glimpse of what is to come in the future. He stated that what sets the company apart is the fact that they do “everything that banks do but ten times faster and ten times cheaper”.
Some of the features that make Revolut stand out from the cryptocurrency crowd is the fact that users can get cashbacks in the form of cryptocurrencies on purchases made from the Revolut metal card. The type of cryptocurrencies can be decided by the user, with the CEO stating that holders can choose from assets like Bitcoin [BTC], Ethereum [ETH] and other mainstream currencies.
The concept of conducting cryptocurrency transactions using a card is not new in the cryptosphere with Mastercard and Visa partnering with Abra to make buying or selling cryptocurrencies simpler and more easily accessible.
Storonsky has gone ahead and stated that the cashback that users obtain in the form of cryptocurrency is stored in the form of cold wallet to ensure safety and security. The Revolut team has also revealed that penetration tests and stress tests are being done on a regular basis to maintain full-scale anonymity and security. Revolut has also said that users will be able to transfer the obtained cryptocurrency within the Revolut ecosystem but not to any other wallets or exchanges.
The company is also planning to enter into the commission-free trading space, making it a direct rival to the famous Robinhood, a brokerage firm based in the United States. Robinhood made quite a splash in the cryptosphere when they announced that would be providing services for cryptocurrency at a zero commission rate.
Robinhood currently renders their services for cryptocurrency namely, Bitcoin [BTC], Ethereum [ETH], Ethereum Classic [ETC], Litecoin [LTC], Bitcoin Cash [BCH] and Dogecoin [DOGE]. The company was also in the news recently when it was listed on LinkedIn’s top startup chart.
Storonsky was confident when he said that Revolut’s entry into the commission business would be easier than Robinhood entering the banking space because the financial markets made it really difficult for new players in the banking sector.
The CEO also touched upon how the Securities and Exchanges Commission [SEC] has played an integral part in the shift from Europe to the States. Storonsky was candid in revealing that the cryptocurrency regulations in the United Kingdom were much more lax, with the country setting up a separate task force to tackle cryptocurrency regulations from the ground level.
Subscribe to AMBCrypto’s Newsletter
Central bank cryptos will follow after being battle tested by corporations, says PwC’s Pauline Kalfon
Facebook Coin’s plan to overhaul the US Dollar falls short of conviction
WaykiChain [WICC], Blockchain Industry Delegate, with over 150 Top Global Firms Attends China Development Forum [CDF] 2019
Ripple’s class-action lawsuit takes a step further as court sets schedule for next year
BitMart Labs Hosts China Digital Economy Global Innovation Forum, Dedicated to Boosting China’s Blockchain Market
Flash hike: Qtum skyrockets by over 36% in 1-hour after Apple Pay & Samsung Pay announcement
Craig Wright’s Twitter account suspended after threatening harassment and libel lawsuits
Qtum partnership with Zeus enables users to trade cryptocurrency on Apple Pay, Samsung Pay
Bitcoin Cash [BCH] developers introduce privacy-protecting lightweight protocol, Neutrino
Bitcoin Cash [BCH] Price Analysis: Bears return as market correction precipitates decline
Bitcoin [BTC]: Dubai gets its first ATM; users can acquire BTC using any fiat currency
- Press Release
Blockchain technology in the Utilities and Energy Market explored at the Blockchain Expo London
Stellar and IBM’s World Wire gets another boost as MatchMove joins service
CFTC Commissioner: Regulated cryptocurrency market could attract institutional investors