Revolut Banking App Finally Launches For Singapore And Japan Crypto Users
The technological world keeps evolving each given day, and the faster it keeps unfolding, the more finical institutions together with Banks feel the threat that is posed by the crypto market replacing them. It is the replacement of the traditional fiat money along with tangible assets.
As we speak, these institutions will need to embrace the rapid changes that are taking place within the blockchain environment, this is if they hope to survive and still gain some competitive edge within the industry.
With the seamless cross-border remittances taking place one that has been designed with an immutable digital ledger has aided in the growth of the crypto world. As it has made the cryptocurrencies, together with the blockchain technology to become the number one alternative for the traditional banking services.
That is not all, the fact that you are able to transact millions of crypto coins in just a few seconds, instead of having to wait a couple of weeks for your dollars to arrive, has been another motivating factor for its growth. All this is achieved at a much cheaper fee than the traditional transaction routes.
If you analyze the crypto market well, you will notice that it is more profitable if you are to pay in crypto. Thus, it has to lead the current financial institutions to expand their horizons, because if they don’t do this, they will lose a large number of clientele.
As the banking giants are being a little reluctant in tipping their toes into the crypto market, the smaller institutions that are coming up are taking over this initiative without thinking twice.
The Golden Ticket For Revolt
Revolut was established as a London based financial service, and it is a very good example of the paying back initiative. The startup has been able to reach about $1.7 billion valuations after they went ahead and integrated the crypto coins into their platform, this is according to the Coinspeaker.
This is not all, as Revolut has been considered to be the only fintech company in Europe that has been able to allow their users to store, spend easily, receiver and send payments from both the bank and crypto accounts.
For the company having additional support of the crypto coins, it looks like a golden ticket for them, as they have been able to raise over $250 million from very notable investors within the market. It is the likes of the early investors of Facebook, Dropbox backer Index Ventures and the DST Global.
The APAC Coverage
In the beginning, the company planned on spending the collected money to roll out the business into the U.S market. But this has changed as the company has shifted its focus to the Asia-Pacific market, they even went ahead to announce that they are to launch their platform in the first quarter of 2019.
A move that seems like it will take place as they have received several approvals from both Japanese and the Singapore financial authorities.
In these new markets, the company will be operating on a similar license to its current UK business, which will be through partnerships made with the local banks. However, not every feature that the company has been able to offer its UK market will actually be made available to the Japanese and Singapore market.
At the launch of their platform, the company will mainly be focusing on the payment card and the electronic wallet. And once all the regulatory issues have all been smoothed out, the users will be in a position to create their business accounts and also buy some crypto coins. But the company will not stop here, as they are also planning on releasing their app in Canada, US, New Zealand, and Australia.