- Revolut confirms plans to enter US market
- Announces move into Robinhood’s commission-free trading space
- Unveils Malta launch in October
Cross border payments disrupter Revolut, one the most hyperactively innovative and fascinating startups in the smartphone-based banking and international payments space, has announced some imminent new developments, including confirmation of its long-awaited plans to expand into the United States after an extraordinarily successful European run, which saw the dynamic upstart reach more than 28 countries in the continent in under three years.
Speaking at the still-rolling TechCrunch Disrupt conference in the US, Revolut CEO Nikolay Storonsky let participants in on a few secrets about what his company has in store for the near future. Audience members were boldly told that Revolut does “everything that banks do but ten times faster and ten times cheaper”. Storonsky rarely, if ever, minces his words.
Storonsky is still riding on the crest of a wave of user enthusiasm for a unique new offering from Revolut, which lets them get cashbacks in cryptocurrencies on any purchases they make using the startup’s new metal card. As far as we’re aware, no other challenger bank is offering that, which makes Revolut stand out from the crowd. Users can choose which cryptos they want to use, including Bitcoin (BTC), Ethereum (ETH) and other popular cryptocurrencies.
While using a card to complete cryptocurrency transactions isn’t itself a novelty these days, Visa and Mastercard have both partnered with Abra to simplify buying or selling cryptocurrencies, cashback on purchases is new. Revolut has gotten there first, ensuring safety and security by storing the cashback amounts in a cold wallet, which the company says is regularly subject to penetration tests to maintain comprehensive anonymity and safety.
That’s no minor window-dressing for the international money transfers startup. A number of cryptocurrency platforms recently hit the headlines for the wrong reasons after suffering hacks and cyberattacks that lost them several million dollars.
Furthermore, users can transfer their cryptocurrency cashbacks within the Revolut ecosystem, but not to wallets and exchanges outside it.
The famous US-based brokerage Robinhood is also in Revolut’s sights as it aims to become a competitor in the commission-free space. Robinhood sent some vigorous ripples around the cryptosphere after announcing new services for cryptocurrencies at a commission rate of zero.
Storonsky is bullish about Revolut’s prospects in the commission business, which he says will be easier than Robinhood’s efforts to break into the banking space, where the financial markets are slanted to make entry into the banking sector as difficult as possible for new entrants.
In June, Revolut applied to for a banking license to operate in the United States and it appears that it’s on the brink of being fully authorised to set up shop Stateside.
It doesn’t stop there either. This week, the international payments firm announced that it will launch in Malta next month during the DELTA Summit, 3rd-5th October, allowing local customers to use its app-based remittance services to send money abroad after spending just three minutes to open an account.
Since its launch in July 2015, Revolut has garnered more than 2.5 million European customers and processed in excess of 150 million transactions totalling $22 billion.
If you’ve enjoyed reading about Revolut, you can find more on the company here.
