Revolut registered with the British regulator! The British online neo-bank Revolut has just been added to the register of crypto-assets of the Financial Conduct Authority, the regulatory authority in Great Britain. So what does this mean?
A key record for Revolut.
The FCA for Financial Conduct Authority is the equivalent of the AMF in the United Kingdom. For 2 years now, it has been establishing a list of service providers authorized to carry out activities related to crypto-assets in the country. Companies that offer certain services related to cryptocurrency assets have since been required to register with this authority.
Registered companies include Gemini, eToro, and Bitpanda. This recording, therefore, resembles the PSAN recording that we know in France. A record that Binance recently obtained for example.
Revolut had until then benefited from a provisional registration like many other companies. Note that 60 other requests were rejected by the FCA. Revolut can therefore be satisfied to be among the lucky ones.
Another regulatory victory for the British fintech
This registration adds to a series of good regulatory news for the neo-bank. Indeed, Revolut has obtained authorization to offer crypto services in Singapore this summer but also throughout the European Economic Area. One more step towards an expanded crypto service offering.
Revolut relies heavily on the universe of crypto-assets to grab market share and offer a complete investment solution to its customers.
However, trading crypto on Revolut remains a closed process.
Indeed, most tokens purchased on the platform cannot be exchanged outside the application. Similarly, it is currently not possible to deposit crypto-currencies from other platforms or wallets.
These concerns should be resolved in the future, to allow full integration into the world of Web 3.
Revolut, a player that is shaking up the world of banking.
Revolut was established in 2015 and quickly became one of the leading neo-banks. It now claims one and a half million customers in France and more than 20 million worldwide. This neo-bank was designed for travelers by offering many services including currency conversion or withdrawals abroad at a lower cost.
Since then, it has extended its service offer. In addition to the services of a traditional bank, it offers increasingly comprehensive investment services. In addition to crypto-currencies, Revolut notably allows you to invest in different commodities. Revolut was one of the first mainstream players to offer the purchase of crypto-currencies and does not intend to stop there.
A token and a wallet made in Revolut to come?
Recently the CEO of Revolut returned to the ambitions of fintech in terms of digital assets. Nik Storonsky notably shared various details regarding a future token issued by the neo-bank.
During the Finance FWD conference in Hamburg, the latter said that this token, dubbed “Revcoin” for the time being, will be intended to reward users of the bank in the manner of a classic loyalty program.
The CEO stated on this occasion:
"It will not be a stablecoin. The goal is to make loyalty tradable."
In addition to this token project, Revolut wants to create a crypto wallet. For now, Revolut only hosts cryptocurrencies with the limitations we discussed above. The goal is to offer a complete Web 3 wallet integrated within the Revolut ecosystem. The latter should be able to support different tokens but also later, NFTs.
The founder of the neo-bank, if he compares the latter to Metamask, wishes to make this wallet as accessible as possible. The idea is to apply Revolut's recipe for success to this new element of their already very comprehensive offer. He says about this:
"We want to make sure people can just transfer crypto the same way they do with bank accounts"
Revolut is therefore continuing to develop its crypto offer with this registration with the British authorities. A first step before the deployment of a whole range of services that will fully switch the neo-bank into the world of Web3.
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