Popular European Bitcoin Facility Granted Banking License

Revolut is one of Europe’s leading fintech products. In essence, Revolut providers users with banking facilities as well as a range of other benefits. Such benefits include the option to purchase and store Bitcoin, XRP and Ethereum within the Revolut app.

Whilst Revolut is not built just for cryptocurrency integration, crypto does make up a very big part of the Revolut product since it offers its users access to a seamless environment through which they can manage their FIAT currencies, cryptocurrencies and even get access to special offers, a concierge service and some loans.

Now, according to reports, Revolut have been granted a banking license by the European Central Bank. This will allow Revolut to provide a much larger range of financial services to its users including fully working current accounts, overdraft facilities and more personalised loan services. This license allows Revolut to become more than just a financial service provider, it allows it to become a fully fledged bank, under the eyes of the European Central Bank.

This doesn’t mean Revolut have officially become a bank that offers cryptocurrencies, there’s a little more to it than that, however, this license does go a long way in ensuring that this could indeed be a possibility, one day.

This license does mean Revolut can now operate under strict regulation, which could in the future have further implications for how they offer and store cryptocurrencies within the platform. In order to gauge the full scale of this, we need to wait to find out the more intricate details about the license that has been granted to Revolut.

According to CryptoGlobe:

“Revolut’s announcement also mentioned that it would allow its customers to take out personal loans at competitive rates. Starting next year, Revolut may expand its services to other locations across Europe. Other services that Revolut will be offering under the new license include convenient access to overdraft facilities for its clients, which means users don’t have to be concerned about receiving ‘insufficient funds’ notifications, negative account balances, and automatic top-ups.”

As it stands, Revolut’s operations are based in Europe, however, they now intend to start the process of moving further afield and hope to kick-start operations in the United States. If you haven’t already heard of Revolut, we would seriously recommend checking them out. Okay, so it’s not the most exciting way to invest in cryptocurrency, though the Revolut platform is very easy to use and really does show us what true Bitcoin adoption will look like in the future.