Crypto-Friendly Bank Revolut Launches In The US (#GotBitcoin?)
Mobile bank Revolut has launched in the U.S., with an eye to offering its cryptocurrency services sometime in the near future. Crypto-Friendly Bank Revolut Launches In The US (#GotBitcoin?)
The London-based challenger bank announced Tuesday that U.S. customers could now register for an account and sign up for a payment card. Deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000.
Launched in 2015, Revolut now has more than 10 million customers, primarily in the U.K. and Europe. As well as banking services, it offers features such as a fiat currency exchange, insurance brokerage and equity trading platform.
The bank completed a $500 million Series D in February, valuing the company at more than $5 billion.
Revolut has also allowed users to purchase cryptocurrencies directly from the app since adding support for bitcoin (BTC) in 2017. Although users can trade digital assets with other Revolut users, they cannot take them out of the app.
Revolut said U.S. customers will initially only have access to the bank’s core features. Additional services, such as the crypto-buying service, will be added sometime in the near future, according to TechCrunch.
UK Fintech Bank Revolut Will Give Customers ‘Legal’ Ownership Over Cryptos – But With A Caveat
Fintech bank Revolut will give its users legal control of their cryptocurrencies on July 27, but the U.K.-based bank is tightening its hold on how they can actually wield it.
Revealing twin policy changes in an email sent to users and obtained by CoinDesk Monday, the mobile bank said it will cede its status as the “legal owner” of Revolut’s five available cryptos – bitcoin, ether, litecoin, XRP and bitcoin cash – over to its clients who purchase them next month.
There is a catch, though: that crypto still cannot leave Revolut’s client ecosystem.
Users “can’t transfer cryptocurrency to anyone who is not a Revolut customer,” the updated terms and conditions read, detailing that while users “have complete control” of their crypto, they “will not be able to carry out transactions” themselves.
Revolut is also ending crypto card payments, one of the few ways its users could use their crypto outside the ecosystem.
While Revolut did not expressly allow customers to pay for goods using crypto under the old policy, they were able to do so if their accounts only held cryptocurrencies, with the bank exchanging crypto for fiat on its customers’ behalf.
Revolut plans to suspend this ability on July 27.
The policy changes will let Revolut expand its crypto features, the bank said in its statement to users. A representative did not respond to CoinDesk requests for comment by press time.
Revolut has recently been expanding its crypto offerings and also its global presence: it entered the U.S. market in March. However, Revolut has kept U.S. residents from accessing many of its crypto tools. While U.S.-based clients can currently open a bank account, they cannot yet trade cryptocurrency on it.