UK and European customers of the British neo-bank Revolut can now reap benefits from [staking on Revolut](https://blockworks.co/news/revolut-crypto-staking-rewards). The bank announced that customers in supported countries could earn up to 11.65% annual yield, paid in the corresponding tokens, on four cryptocurrencies; Ether, [Cardano](/news/article/cardano-analysis-and-explanation), Polkadot, and Tezos.

This neo-bank is providing the highest yield for DOT at present as compared to other platforms. However, by staking the token directly to the Polkadot network as a validator, one can earn an average annual gain of 14.43%. If you stake DOT through Revolut, you will miss out on nearly a 3% yield. The funds will be kept with reliable custodians, while the company will manage the user's private keys.

## Revolut continues crypto expansion with staking rewards

This [fintech](/news/article/fintech-companies-uk-2023) unicorn is seeking to capitalise on the potential for growth in the digital asset market with the launch of its yield from staking initiative. The fintech giant initially dipped its toes into cryptocurrency by allowing its users to purchase BTC, ETH, and LTC in 2017. [Revolut](/news/article/revolut-review-everything-to-know) has since expanded its selection of supported digital assets, offering more than 90 tokens. 

Furthermore, it allowed users to withdraw Bitcoin to their wallets in 2021.
The company is offering its customers the opportunity to earn cryptocurrency rewards by allowing Revolut to "stake" their coins to verify blockchain transactions. This move shows that they are embracing crypto after several market crashes.

The staking rewards feature will be accessible to customers in Britain and approximately 30 other European nations as part of Revolut's plan to broaden its crypto-related offerings, as stated in a recent statement.

In the last known funding round in 2021, this fintech start-up was valued at approximately $33 billion, making it the most valuable start-up in Britain then.

Owners of crypto assets operating on a Proof of Stake blockchain can stake a portion of their assets to participate in validating transactions. As a reward for their efforts, validators receive transaction fees and/or newly minted crypto assets.


Staking on Revolut Announced

Revolut is an example of the 'neobank' which have flooded the market in the last few years, as this review will explain. 

Offering more than traditional banking services, neobanks such as [Revolut](https://www.revolut.com/) allow users access to a wide range of other financial services, including several foreign currencies, trading facilities, cryptocurrencies, and debit cards.

Due to Revolut's inability to secure a UK banking licence, it offers 'interest-bearing vaults' rather than traditional deposit accounts.

## Revolut review introduction

Technology is the constant which drives human development across the planet. None more so than in the realm of personal finance. The last five years have seen an entirely new approach to banking with the introduction of mobile financial applications, which offer more than pure banking services. One of the biggest success stories in the past five years is the banking app Revolut.

Revolut is a British-based digital banking and financial technology company that provides various services, including debit cards, foreign exchange, and peer-to-peer payments. 

As well as a desktop-based website, the company's services are accessed through a mobile app and are available in various countries worldwide. The core goal of [Revolut](https://en.wikipedia.org/wiki/Revolut) is to make banking more accessible, more affordable, and convenient for its customers.

## Revolut review background

With headquarters in London, the company was founded in 2015 by Russian native Nikola Storonksy and Ukrainian Vladimir Yatsenko and originates from Level39, a financial technology incubator based in the City.

In a little under three years, the company had raised $250 million from a series C funding round which gave the company a subsequent $1.7 billion post-funding valuation.

As of 2021, due to a successful $800 million funding round, the company is valued at $33 billion, has 15 million users worldwide, and generates a revenue of $261 million. These impressive statistics make Revolut one of the most valuable tech start-ups today. However, despite this valuation and record turnover, the company recorded a $167 million loss in 2021.

According to the company website, some 1.1 million customers use Revolut daily, generating some £65 billion in transactions since 2020. According to recent statistics on the company website, Revolut is available in 37 countries worldwide.

The team behind Revolut features some heavy hitters from the world of international finance. In August 2019, the company announced a series of hires, including former Goldman Sachs executive director Wolfgang Bardorf, ex-Visa fraud prevention manager Philip Doyle, and former corporate finance manager Stefan Wille. Shortly afterward, the company announced a deal with Visa that expanded the operation into 24 new territories resulting in the hiring of 3,500 extra staff.

Despite some impressive statistics Revolut does not actually hold a UK banking licence despite applying in January 2021. Regardless, the company continues to expand and has recently begun operations in Japan and the US, increasing its staff from 1,500 to 5,000.

As mentioned above, despite holding a challenger banking licence from the European Union, Revolut does not hold UK banking status. This limits the scope and security of its operations. In particular, this means that any deposits made with the app are not covered by the Deposit Protection Scheme. Therefore, Revolut uses third-party banking services such as Barclays and Lloyds to store customer deposits to their platform. This also means that Revolut cannot reimburse any customers who fall victim to authorized push payment fraud.

## Revolut review: Services

As of January 2023, services listed on the Revolut website include debit cards, virtual cards, Apple Pay interest-bearing vaults, foreign exchange, commission-free stock, and crypto and commodity trading.

The popular mobile application supports spending and ATM withdrawals in 120 currencies, with direct transfers available in 29 currencies directly from the app. Any payments made at the weekend incur extra fees of between 0.5% and 2% to protect customers from exchange rate fluctuations.

In 2022, Revolut launched its stock trading app modelled on popular competitor Robinhood, which allows users to trade various stocks, commodities, currencies, and crypto.

Due to the rise in [popularity of crypto](/news/article/bitcoin-surge-hits-new-heights), Revolut allows its users to trade some of the largest cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and XRP. However, unlike professional trading platforms such as Binance, cryptocurrency cannot be deposited or spent from Revolut, but only converted back to fiat inside the mobile application.

This is because Revolut uses the Metropolitan Bank of New York, which has a zero crypto policy.

Alongside access to crypto and commodities, Revolut provides an equities trading facility that gives access to a wide range of US stocks and fractional share purchases/sales. However, like crypto, any stocks purchased on the platform cannot be transferred to another broker but must instead be sold or converted back to cash which can then be withdrawn.

Revolut offers two premium tiers on top of the free-to-use basic service. These are Premium and Metal.

•	Premium offers users unlimited foreign exchange, 'double free' ATM withdrawals abroad, and free travel insurance.

•	Metal provides all Premium features plus 1% on any currency (including crypto), 'quadruple free' ATM withdrawals abroad, cashback opportunities, and various discounts.

The company also recently launched its 'Junior Account', aimed at 7 to 17-year-olds, to teach younger people how to budget and take responsibility for their finances.

According to company statistics, the average user monthly deposit to the platform is £305, below nearest competitors Monzo and Starling. Monzo remains the UK's largest neobank with 4.7 million users; however, with 4.2 million, Revolut is head and shoulders clear of its nearest rival, Starling, which has 2.7m UK customers. 60% of Revolut's customers are male with an average age of 34 years, two years older than Monzo yet one year younger than Starling Bank.

## Revolut review: Fees

As with any banking application, consideration of the fee structure is very important. Revolut has made sure their fees are competitive.

Opening an account with Revolut is free. There is no monthly cost to use and maintain your account, albeit on a basic level. The application makes its profit from what are relatively high fees in a variety of other ways.

Users who wish to apply for a Revolut debit card must pay £4.99. Premium plan users can get their hands on a card without charge.

Customers who wish to withdraw money via an ATM do not have to pay any charges up to £200 per month. After this amount, there is a charge of 2%.

When transferring cash between bank accounts, customers can do this via traditional banking wire methods. The company does not charge for this service. However, those users who wish to transfer money via the SWIFT network will incur a charge.

Additionally, Revolut does not charge a fee for customers looking to top up their accounts using a different bank card.
Revolut users who wish to trade or exchange currencies do not incur charges for amounts up to £1,000 on weekdays, but will be charged 0.5% above this amount. Currency prices are based on competitive exchange rates sourced from third-party providers. At weekends, exchange rates are fixed and prices include a mark-up for both users of the free as well as the paid-for plans.

As with close competitors Monzo and Starling, Revolut earns most of its revenue from a process known as interchange, where it takes an additional 0.2% of every transaction fee.

## Controversy

Despite the perceived success of Revolut, a handful of controversies have dogged the brand in recent years.

Any account suspected of suspicious activity is automatically frozen by algorithmically driven trading bots. While any account suspension is designed to be temporary until human review, there have been a number of cases where customer accounts have been frozen for a considerable amount of time, leading to inaccessible balances.

The company said this was due to a lack of compliance agents. The scandal deepened further when affected parties understood that despite no longer having access to their accounts, Revolut did and, therefore, could continue to expose any balances to wholesale money markets, earning interest. Furthermore, any customers with suspended accounts were blocked from accessing customer support channels, instead receiving an automated response from pre-programmed chatbots. To date, some 500 customers have been locked out of their accounts with little or no response from the Revolut customer support team.

A March 2019 investigation by the journalistic platform Wired expressed concern over Revolut's employment practices and workplace culture. The report found that along with high staff turnover, employees were often expected to work for free and ordered to work weekends to meet company targets. The following year, Wired conducted another investigation that uncovered further underhand practices concerning redundancies in the wake of the COVID-19 pandemic. Employees who were not immediately terminated were expected to accept a 'salary sacrifice scheme' to keep their jobs.

Due in part to Revolut’s inability to obtain a UK banking licence, the company is not aligned to the Contingency Reimbursement Model Scheme and, so, has refused to reimburse any victims of Authorised Push Payment Fraud in the UK.

## Pros and cons

There are several benefits to opening an account with Revolut. However, these are balanced with a series of drawbacks.

### Pros ~

•	A modern and diverse range of banking features, including cryptocurrency options.

•	Flexibility in regards to account top up.

•	Worthwhile perks for Premium and Metal account holders.

### Cons ~

•	No UK banking licence means no current accounts and no deposit guarantees or standing orders.

•	Very poor customer support.

•	Accounts can be frozen without any warning.

## Revolut review conclusion

Compared to other UK challenger or neobanks, Revolut can be considered to have a more European-centric focus. 

Operating in every EU jurisdiction, Revolut is also present in other countries which have established trade relations with the European block, including Australia, Canada, Japan, and the US.

Due to the controversy surrounding Revolut's decision to disable sanctioned transactions, Revolut still does not hold a UK banking licence despite applying twice, the latest time in 2021. It circumnavigates this problem by running its banking operation via Lithuania, which approved its European banking licence in 2018.

Founder Nikolay Storonksy has grand ambitions for Revolut, aiming to become a financial 'super app' modelling itself along the lines of China's WeChat and Alipay, which have revolutionised banking in mainland China. Whether he gets to realise this ambition is yet to be seen.

Despite some bad press and stalling of business operations, Revolut remains the [second most popular neo-banking app](https://www.businessofapps.com/data/revolut-statistics/) in the UK market today. [4] The leadership team of both Nikolay Storonksy and Vladimir Yatsenko are strong supporters of the movement opposed to Russia's invasion of Ukraine, with the company donating £1.5 million to the Red Cross Ukraine appeal. This may go some way to improving a somewhat tarnished reputation.


Revolut Review - Everything You Need to Know 

The UK's Financial Conduct Authority (FCA) recently approved the crypto-friendly financial app Revolut to conduct its digital asset business in the country. The licensing means that startups of any size [within the European Economic Area (EEA)](/news/article/revolut-news-approved-eea) can now buy, hold and sell cryptocurrencies from their Revolut business accounts. 

## Crypto for cross-border payments

A [2021 study](https://markets.businessinsider.com/news/currencies/multinationals-cryptocurrencies-bitcoin-ether-study-cross-borders-transactions-pymnts-2021-11 30, November 2021) showed an increasing demand for diverse payment methods offering speed and convenience as B2B [cross-border payments](/news/article/russia-approves-cross-border-crypto) were expected to exceed $35 trillion. Per the study, at least 37% of the multinationals involved in the study used at least one type of cryptocurrency. 

Revolut has introduced a business account to disrupt the traditional business banking models that are shackled with astronomical charges when sending payments abroad. Revolut business offers users a 'digital alternative to big banks'. While standard cross-border payments take an average of three to five days, with potential errors and delays as part of the deal, crypto-based payments occur in real time due to fewer negotiators in the blockchain.    

## Revolut rewriting the rules

As business goes global and consumers demand additional payment options, Revolut is facilitating seamless cross-border crypto transfers. The London-based fintech firm allows its account holders to access cryptocurrencies like Bitcoin, Ethereum, Litecoin, and other digital currencies alongside over 28 fiat currencies through its mobile app.

The business account from Revolut is rewriting the rules of engagement between small startups and large businesses and their local and global customers. Whether they’re sending payments or getting paid via crypto, account holders have access anytime, anywhere to manage their entire businesses with no hidden fees. Any company with a physical presence EEA is eligible for an account.   

## How it works 

Opening a Revolut business account is simple and takes less than ten minutes to complete, with the application process taking one to seven days. Users can choose between corporate or freelance accounts.   

Pros:

•	Fast and easy setup.

•	Different pricing options.

•	Exceptional price for international transfers.

•	Easy-to-use mobile app.

Cons: 

•	No cash deposits.

•	ATM withdrawals earn a fee.

## Conclusion 

Revolut offers freedom and flexibility for startups whose customers demand alternative payment methods. Its competitive pricing might be a good choice for companies conducting transactions in different cryptocurrencies.




Revolut Business - A new way to make crypto payments

[Revolut](https://www.revolut.com/) is a new virtual bank with millions of customers. It is an "alternative to traditional banks" because it provides free and instant financial services to people who travel internationally or want to live a global lifestyle. But is it good for crypto?

While the worldwide banking system has remained unchanged for centuries, Revolut is bringing about positive change by allowing you to avoid the time-consuming and bureaucratic bottlenecks of traditional banking. The platform provides you with financial flexibility, allowing you to take control of your finances.

## Revolut: The banking app

[Revolut](/news/article/revolut-bank-uk-crypto) is a banking app that allows you to spend and transfer money worldwide in real-time. It is licenced in two countries: Lithuania and Australia. The platform operates in Poland, Lithuania, Bulgaria, Croatia, Estonia, Cyprus, Greece, Latvia, Malta, Romania, Slovakia, and Slovenia.

Revolut, founded in July 2015 by Nikolay Storonsky (a former trader at Credit Suisse), aims to provide mobile and online banking, allowing clients to avoid the high fees charged by traditional banks. The platform includes a pre-paid card that can be topped up with bank transfers or an existing credit/debit card. Users can also send money instantly or request payments from their accounts.

## Revolut crypto fees

Paying Revolut fees for your cryptocurrency asset activities can become very expensive, especially if you trade cryptocurrencies frequently.

As stated in the company’s cryptocurrency terms, when you purchase cryptocurrencies through the app, it will exchange them at a partner exchange (such as [Coinbase](/news/article/coinbase-singapore-approval) or Bitstamp).

You can exchange cryptocurrencies on these partner platforms without a middleman (Revolut). However, when we dig deeper and look at cryptocurrency fees on these exchanges, we find that they are still higher than on eToro.

In short, such a structure increases Revolut's costs and raises safety concerns if something unexpected occurs. You may have to pay multiple fees per transaction depending on the amount you want to exchange: 

1.	A fair usage fee.
2.	A transaction fee.
3.	A Bid-Ask spread.

## Can you move cryptocurrency from Revolut to a wallet?

Sending crypto from [Revolut](/news/article/revolut-news-approved-eea) to a wallet gives you more control and protection over your crypto assets, especially if you keep them in a cold wallet like Ledger or Trezor. 

However, Revolut crypto transfer to a wallet is not yet available to all users. The availability of withdrawals is determined by your location and the type of paid plan you have. 

Assume you live in a country where crypto withdrawals are permitted (i.e., the UK). You should know some fees and limits when using the app to withdraw cryptocurrency.

1.	Crypto withdrawal fees: The platform charges a "Network fee" and a "Service fee" when withdrawing cryptocurrencies. You can view the estimated total costs on the confirmation page before the withdrawal.

2.	Limits on crypto withdrawals: There are currently restrictions on the total amount you can withdraw from the platform. £500 is the daily cap, and £1,000 is the monthly cap.

## Is Revolut good for crypto?

Revolut is not a good option for cryptocurrency because of the high fees, absence of the withdrawal feature (in most countries), and limited selection of crypto assets. 

The 1.99% fee for purchasing and the 1.99% fee when selling cryptocurrencies are way too high, an overall of 4% at least for one trade. By switching to the [eToro](/news/article/etoro-fees) platform, you can drastically reduce the amount of fees you pay.

Although there is a possibility to upgrade your account type to Premium or Metal and pay lower fees, it is still more expensive.



Is Revolut Good for Crypto?

Digital bank [Revolut](https://www.revolut.com/), fintech unicorn based in London, has been granted permission to provide cryptocurrency services in the UK after passing the FCA's (Financial Conduct Authority) requirements for anti-money laundering.

The $33 billion valued digital bank Revoult was added to the [crypto asset firm register](https://register.fca.org.uk/s/search?predefined=CA) of the UK financial watchdog on September 26. 

Revolut had been attempting to get listed on the FCA's register since January 2021. The company has been operating as an authorised electronic money institution since May 2018.

The firm had previously offered cryptocurrency buying, selling, and trading to UK customers under the FCA's Temporary Registration Regime (TRR), which was designed to allow businesses to continue operating while their applications were being reviewed.

When the approval deadline passed at the end of March this year, the FCA allowed a limited number of companies to remain on the TRR. Revolut was one of five companies listed on TRR, alongside CEX.I0, Copper Technologies, GlobalBlock, and Moneybrain. None of the other four firms were later approved.

With the addition of the Revolut bank to the UK’s crypto asset firm register, there are now 38 companies authorised to provide custodial and exchange services for crypto assets.

## Other firms to win FCA crypto regulation

The [FCA](/news/article/ftx-uk-ban) was designated as the UK's anti-money laundering and counter-terrorism financing authority at the beginning of 2020. Since then, any firm wishing to engage in crypto activity in the UK has been required to register with the organisation under the Money Laundering, Terrorist Financing, and Transfer of Funds (Information on the Payer) Regulations 2017.

[Gemini](/news/article/gemini-crypto-exchange), [Kraken](/news/article/kraken-ceo), eToro, and Archax are among the other firms that have met the FCA's anti-money laundering and counter-terrorist financing (AML/CFT) standards.

Crypto exchange, crypto.com was the most recent addition, joining the list in August.

Currently, 38 of 248 crypto firms seeking registration have met the FCA's standards and have been granted permission to operate in the UK.





Digital Bank Revolut gets approval to offer crypto services in UK

So you've been hearing a lot about cryptocurrencies and want to get in on the action, but you're not sure how? One way to start is by getting a crypto debit card.

There are a lot of crypto debit cards on the market, so it can be hard to know which one is right for you. That's why we've done the hard work for you and compiled a list of the best crypto debit cards in the U.K.

Topping our list is the [Revolut](/news/article/revolut-news-approved-eea). This card allows you to buy, hold and exchange 25 currencies, including Bitcoin, Ethereum, and Litecoin. It also offers free international ATM withdrawals and no exchange fees.

Next up is the [Coinbase](https://www.coinbase.com/card). This card allows you to spend your Bitcoin, Ethereum, Litecoin, and Bitcoin Cash anywhere that is Visa accepted. It also comes with 0% foreign transaction fees and no annual fees.

Finally, we have the [Wirex](https://wirexapp.com/en). This card is unique because it offers both traditional Visa and Bitcoin debit cards. It also comes with 0% foreign transaction fees, a contactless payment option, and mobile app support.

## What Are the Benefits of Using a Crypto Card?

There are a few benefits of using a crypto debit card. Firstly, it's a tremendous offline crypto wallet to store multiple currencies. It allows you to securely store your coins offline, which is vital for keeping them safe from theft or hacking.

Another benefit of using a crypto debit card is that it makes spending your cryptocurrencies easier. You can use this to buy goods and services online or in-store, just like you would with a regular debit card. This is a convenient way to use your coins for everyday transactions.

## How to use a crypto debit card

So, you've decided to buy a crypto card! Well done! These handy little cards make it easy to spend your cryptocurrency in the real world. But before you can start spending, you need to know how to use them.

### Here's some steps on how to use your crypto debit card:

1. First, make sure the crypto debit card is linked to your wallet.

2. Next, add funds to your card by transferring your cryptocurrency into the card's account or buy your digital currencies on the issuers application.

3. Once your crypto debit card has been funded, you can start spending! Some issuers require you to sell and convert your digital currency to fiat before spending and others will do the your digital currency to fiat conversion at spot on your behalf if your account is only funded in crypto. Just look for the merchant's logo and tap 'pay' on your card terminal.

4. Your funds will be transferred immediately to the merchant and you'll receive a digital receipt for your purchase. 

Easy!

 



What are the best crypto debit cards in the UK?

The Cyprus Securities and Exchange Commission (CYSEC) has given digital banking firm Revolut permission to offer cryptocurrency services throughout the European Economic Area (EEA).

A fresh report claims that Revolut has been granted cryptocurrency-asset service provider (CASP) status by the island nation's governing body. The company has been on a hiring binge lately, despite the sluggish economy.

## Acceptance of crypto in Cyprus

The new license will allow the business to serve its 17 million European Economic Area customers from its newly established crypto center in Cyprus. After looking into various EU nations, Revolut ultimately decided on Cyprus as its base of operations.

[Famous exchanges including eToro](/news/article/etoro-fees), Crypto.Com, CMC Markets, and Bitpanda all call the country home. The app's representative said that the latest action was due to the sophisticated and tough regulatory regime of the CYSEC agency. He added also that "We heartily accept the European Parliament's clear goal to foster innovation while mandating robust customer protection safeguards to avoid any form of market abuse, and we applaud the new EU-wide law.

Revolut has obtained a license from the Central Bank of Spain and the Monetary Authority of Singapore, in addition to Cyprus (MAS). Over the next six months, the British fintech firm plans to increase the number of employees by 20% across the United Kingdom, the United States, and Europe. In previous Revolute news, the company has hired an additional 43 people so far this year. 

After over two years of debate, the Markets in Crypto Assets (MiCA) framework will be implemented by the end of 2023. It's a key component of the European Union's plan for the future of digital money.

To this end, MiCA seeks to establish a solid legal framework for the digital assets under its purview that have been excluded from the scope of existing financial services legislation in order to guarantee legal certainty.

It will aim to safeguard market players from the dangers connected with digital assets while also encouraging innovation and level playing fields. In addition, it will deal with threats to economic security.


Revolut News: Bank approved to offer crypto in EEA

It's a common question; is the [Revolut](https://www.revolut.com/en-US) card worth having?

Digital banking alternative Revolut offers a range of low-cost options while allowing you to have an entirely online account and debit card.

It offers a cutting-edge mobile phone app and several other unique features that have helped it become one of the most innovative currency exchange and banking options available today. You may conduct transactions in various currencies anywhere on the globe with a Revolut card.

In this Revolut card review, to know if it is worth having, I'll go over what it offers, the fees that come with it, and the benefits and drawbacks of the card.

Is the Revolut card worth having? To answer that, we need to understand what this card is first.

## What is a Revolut card?

This is one of the company's main products; a card that can be used to make purchases in several different nations worldwide. In addition, you get automatic money conversion at rates near the base exchange rate, and you can spend your money in various currencies. This makes international transactions easier and faster.

Personal Revolut accounts are currently only available to citizens of the United States of America (USA), Canada, Japan, Singapore, Australia, Switzerland, and the European Economic Area (EEA).

Organizations in Switzerland and the European Economic Area (EEA) registered and have a physical location in one or more of those locations are eligible for a Revolut Business account.

## Pros and Cons of the Revolut Card

The following are some of the benefits and drawbacks of using a Revolut card:

PROS:

•	You can have numerous currencies in your account at the same time.
•	It's simple to get cash and pay for things with the card.
•	They have several fraud-prevention measures that are quite successful.
•	Budgeting tools are built-in.
•	You can also choose to load the card with money and pay as you go.
•	You can view your transactions and account balances on the Revolut app.
•	Most money transactions between countries are quick, easy, and free.

CONS: 

•	Adding money to your Revolut account through bank transfer can take up to three days, and there may be fees associated with it, depending on your bank. Over the weekend, when the currency exchange markets are closed, you will be charged higher rates. It's pretty simple to avoid this charge by simply waiting until the markets open before making your payments, but if you're caught short, it becomes a problem. 
•	Mastery of English is not required (the company currently offers a Portuguese version of the software), but you should be prepared to contact a customer service line in English if something goes wrong.

It's simple to see why Revolut has exploded in popularity over the last few years. For a long time, consumers have been clamoring for cheaper and easier currency transfer choices, which businesses like Revolut and Wise can supply. 

Revolut could help you whether you're a freelancer working with clients worldwide or someone who regularly sends payments to family members.

More [Business news](/news/category/crypto-business-news).


Is the Revolut Card Worth Having?

Revolut, a London based FinTech company has recently announced expansion of the firm as there are plans to launch its own cryptocurrency token that would initially be available to European and other US markets to begin with.

According to the reports coming from Revolut, they are planning to bring out a cryptocurrency token of their own and this would be available initially in London and US markets. The token is dubbed as "Revolut coin" and will be usable on the platform for free services and everyday purchases like payment transfers and ATM withdrawals.

Token holders will be able to have premium access to features such as discounts, rewards and other benefits within the platform.

The company started providing cryptocurrency buying and selling services in 2017. But it started expanding its crypto offerings this year, increasing its crypto-asset offerings to 53.

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