Welcome to our Revolut news page. Here you'll find some of our featured Revolut cryptocurrency content pieces as well as all our latest Revolut Metal posts.
Revolut Announces Plans to Come to the United States, will Rival Robinhood
Revolut Announces Plans to Come to the United States
Revolut, one of the most interesting smartphone-based financial solutions in Europe, has decided to unveil its plans to enter into the US market. During the TechCrunch Disrupt conference, Nikolay Storonsky, CEO of Revolut, provided information about which are the company’s plans for the future.
During the event, he mentioned that the services they offer are the same to what banks do but ten times faster and cheaper than them.
For example, one of the most interesting things that Revolut offers is the possibility to get cashbacks in the form of virtual currencies. Users can decide which cryptocurrency they want to receive from a wide range of options such as Bitcoin (BTC) and Ethereum (ETH) among others.
This is not the only service available in the market that allows users to perform crypto transactions using credit cards.
Storonsky explained that the funds that users receive as cashback in virtual currencies is properly stored in cold wallets. This is very important since several crypto platforms suffered different hacks and attacks that resulted in the loss of several millions of dollars. Additionally, the company explained that they tend to perform stress and penetration test to be sure that everything is working as it should.
In the future, users will be able to transfer the virtual currencies within the Revolut ecosystem. However, it would not be possible to do it to another wallet.
Furthermore, Revolut is also planning to start offering commission-free trading services for users. That means that the app would be actively rivalring against the famous Robinhood app in the United States. At the beginning of the year, Robinhood surprised everyone in the market since it announced that it was going to be providing trading services as an exchange without commissions.
Currently, Robinhood supports Bitcoin, Ethereum, Ethereum Classic (ETC), Litecoin (LTC), Bitcoin Cash (BCH), and Dogecoin (DOGE).
Storonsky explained that Revolut’s intention to enter the cryptocurrency trading market in this way is easier than for Robinhood entering the banking space. Clearly, the traditional financial industry has higher entry barriers that the cryptocurrency world.
Revolut Metal Prepaid Debit Card Launches With Cryptocurrency Cashback Option
Revolut Launches New Metal Debit Card With Cashback Option In Cryptocurrency
Revolut has launched an interesting new product today. The company has created a new metal debit card that you can use if you are a premium customer of Revolut. This new device allows you to withdraw up to 1% cashback in cryptocurrencies or fiat if you prefer it, for any transaction made outside of Europe and 0.1% for European transactions.
At the moment, the company, which is eyeing the cryptocurrency market now, offers five cryptocurrency options for the users: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC) and Ripple (XRP).
You can even buy cryptocurrencies with a 1.5% markup by using the debit card from the company. While you do not buy them directly, as they stay with the company in cold wallet vaults, you will be able to transfer the funds to any ATM whenever you want, so you can access your funds easily.
Some of the other benefits of Revolut Metal are a personal concierge, travel insurance and a high limit on free global ATM withdrawals monthly. The bank card costs £12.99 ($16.69) per month or £120 ($154.2) for the year.
The CEO Speaks About The Future of Revolut
The CEO and founder of Revolut, Nik Storonsky, believes that this new Revolut Metal product is an important step to generating additional revenue for the company and to preparing to launch a platform that can be really commission-free for making business with other continents, such as America and Asia.
Storonsky has also affirmed that the company is absolutely convinced that the Revolut Metal will be the exclusive card of the future and that all travelers around the world will want to have one. While not cited by the CEO, it looks like this card is a direct response to N26, Revolut’s main rival in Europe, which has recently released a new version of its own card.
The Vice President of Prepaid Cards at Mastercard Ireland and UK, Darren Deal, has already confirmed that the company has secured a partnership with Revolut and the new cards will help overseas travelers.
As Visa canceled its partnership with Wave Crest back in January, the adoptance of crypto debit cards had a major setback and affected companies like TenX and CryptoPay, but it looks like things are turning around right now. Other companies like MinexSystems and Beldex has released other functional debit cards that use cryptos since them and now Revolut is offering these options.
This UK-based company offers prepaid debit cards that allow the users to send, receive and withdraw money in different currencies all around the world and it is widely used by travelers and international clients.
Revolut has more than 2.5 million customers in Europe and its crypto-cashback service can a significant addition to the company. The company is currently only offering its services in Europe, but it is currently planning a launch in the United States, Canada, Singapore, Hong Kong, Japan, Australia and New Zealand.
The company has also announced that it intends to launch a commission-free share trading service just like the American company Robinhood in the UK soon.
Revolut Bitcoin & Cryptocurrency Digital Banking Alternative
Revolut aims to be “your digital banking alternative” for features like instant payment notifications, free international money transfers, and more. Here’s our review.
What is Revolut?
Revolut is a digital banking platform that recently launched in the United States. Found online at Revolut.com, the platform provides instant payment notifications, free international money transfers, and global fee-free spending, among other banking services.
You can get early access to the platform today at Revolut.com. The platform has already saved European customers $160 million in fees by offering “real exchange rates” to users. Now, they plan to offer similar service to American customers.
How Does Revolut Work?
Some of the core features of Revolut include:
Spend Abroad Without Fees:
Revolut lets you spend money fee-free around the world. You pay the real exchange rate while paying with your Revolut card or while making international ATM withdrawals (ATM withdrawals are available for free).
Users can hold, transfer, and exchange their money in USD and 25 other foreign currencies using the real exchange rate.
Free International Money Transfers:
Revolut users enjoy fast, free, and secure money transfers to bank accounts in 120+ countries. Revolut claims users can save up to 8% by using the real exchange rate.
Buy and Exchange Cryptocurrencies:
You can buy, hold, and exchange cryptocurrencies like Bitcoin, Ether, and Litecoin on Revolut. You can also exchange these cryptocurrencies for 25+ fiat currencies at the best possible exchange rates.
Instant Spending Notifications:
Revolut lets you stay on top of your spending by receiving instant payment notifications. You can also view easy-to-understand analytics that automatically categorize your transactions, allowing you to plan ahead and stay within your budget.
Send Money Instantly for Free:
Send money to your friends and family in seconds. Select a phone contact, enter the amount you wish to transfer, and the money will arrive in their account.
Split Bills With a Tap:
Send and request money instantly from your friends and family for expenses like rent, a dinner out, holiday expenses, and more.
Revolut offers all of the above services for free. The company also lets you order a “Revolut Black Card” that comes with additional features. The card is available to Premium subscribers, with a Premium subscription costing 6.99 GBP or EUR per month.
Revolut has two types of accounts: Standard and Premium. Standard accounts are free, while Premium accounts are priced at 6.99 GBP or 6.99 EUR per month. The Revolut Black Card is available to Revolut’s Premium customers. Below, you’ll find the features for each type of account – including features for the Revolut Black Card.
Revolut Standard Features
- Free UK current (checking) account
- Free Euro IBAN account
- Interbank foreign exchange rates
- Free bank transfers in 25 currencies
- 200 GBP or 200 EUR worth of free ATM withdrawals per month
Revolut Premium Features
- Free UK current (checking) account
- Free Euro IBAN account
- Interbank foreign exchange rates
- Free bank transfers in 25 currencies
- 400 GBP or 400 EUR worth of free ATM withdrawals per month
- Free unlimited foreign exchange volumes
- Free exclusive premium cards
- Free overseas medical insurance
- Free global express delivery
- Exclusive priority 24/7 customer support
- Exclusive Premium promotions
Revolut has a short-term lending platform that allows users to access short-term loans at discount rates. Revolut provides cheaper fees than its competitors by offering peer-to-peer lending. The Revolut peer-to-peer lending system matches individual lenders with people who want to borrow. This cuts out banks entirely. Revolut claims users can expect to save 50% compared to an average bank.
You can check your personalized short term lending quote online today at www.Revolut.com/us/personal-loans.
You can customize your loan amount from 500 to 25,000 GBP, with a repayment term ranging from 12 to 60 months. If you apply online and accept your personal loan quote, the money will be transferred to your Revolut account instantly, whether you’re at home or abroad.
Revolut Travel Insurance
Revolut also has pay-per-day worldwide travel insurance. Revolut’s travel insurance uses geolocation technology so you only get charged for the days that you’re actually abroad. Medical and dental coverage is available through Revolut for as little as 1 GBP per day.
Revolut also offers annual travel insurance plans starting at 30 GBP per year.
Some of the key features of these travel plans include:
- Emergency medical and dental treatment while abroad
- Access to an extensive network of medical centers worldwide
- Rapid reimbursements paid directly into your Revolut account
- Simple and transparent terms and conditions (you can view the terms here: https://www.revolut.com/us/terms)
Revolut was launched in July 2015 as a digital banking service. The company sought to disrupt the traditional banking industry by offering lower fees and cheaper overhead expenses than its well-established competitors.
The company was co-founded by Vlad Yatsenko (Founder and CTO) and Nikolay Storonsky (Founder and CEO). Yatsenko has 10+ years of experience building financial systems at tier one investment banks, while Storonsky is a former trader with Credit Suisse.
Since launching in 2015, Revolut claims to have saved customers $160 million in fees. The company has already received investments from Point Nine, Index Ventures, Seedcamp, Balderton Capital, and Ribbit Capital.
Revolut Bitcoin & Cryptocurrency Digital Banking Alternative Conclusion
Revolut is a digital banking service based in the UK. The company has recently expanded its personal and business banking services to customers in the United States.
Overall, Revolut emphasizes fee-free transfers, fee-free payments, and lower transaction costs than traditional financial institutions. To learn more about Revolut and how it works, visit online today at Revolut.com.
Revolut CEO Claims Institutional Investor Interest in Bitcoin and Cryptocurrency is Overhyped
Revolut’s CEO, Nikolay Storonsky, claimed that institutional clients did not show an extraordinary interest in investing in cryptocurrencies. He made these comments while speaking at the Web Summit 2018 in Lisbon, Portugal, during this week.
According to Bloomberg, the CEO of the digital banking app Revolut commented that there is no interest from big institutions about cryptocurrencies.
About it, he said:
“Unless these big institutional investors and hedge funds move heavily into the crypto world I just don’t think banks will move because they simply try to make money from their clients.”
During the year, virtual currencies have been in a bear market. Most of them lost between 65% and 95% of their value. Some of them even more. This is why enthusiasts and experts are waiting for institutions and wealthier investors to enter the market and trigger a new bull run.
At the same time, there are some experts that believe that the market has already bottomed and that it could soon start growing again. Despite this, Storonsky and Larry Fink, BlackRock’s CEO, are sceptical about that.
Fink, for example, explained that his firm would not be launching a cryptocurrency related ETF. He is waiting for the market to become more mature in order to do so. The U.S. Securities and Exchange Commission (SEC) might approve a crypto ETF at the beginning of the coming year. This is another reason why experts believe that the market will also grow in the near future.
Clearly, it is important to take into account that Revolut’s CEO is a respected and recognized expert in the cryptocurrency market. But there are some institutions such as Goldman Sachs, Fidelity and the Intercontinental Exchange (ICE).
Fidelity, for example, launched anew separate branch that focuses exclusively on cryptocurrency assets. The new branch is known as Fidelity Digital Asset Services and it will be working with over 13,000 clients, including institutions.
The ICE is going to unveil a new service for institutions at the end of the current year. The main intention is to provide institutions with a compliant and regulated platform in the market.
Other companies and firms such as Barclays, Nasdaq, Citigroup and others are starting to plan their strategy for welcoming institutions to the cryptocurrency market.