Bitcoin, Cryptocurrency And Blockchain News

Revolut Will Apply for US Banking License


Revolut CEO Nikolay Storonsky has announced in an interview with Reuters that the firm plan to apply for a US banking license by the end of the year.

The fintech firm, who are based in the UK, offer a pre-paid card for payment services, as well as their own exchange. As recently as a week ago, the firm added XRP and BCH to its trading options, to go along with Bitcoin, Ether and Litecoin.

Storonsky told Reuters that Revolut were also looking to launch a robo-advice product, and commission-free stock trading. Their recent funding round saw $250 million raised for an expansion which, according to Storonsky, will see them double their headcount to 800 as well as opening a new office in San Fransisco. Its banking partner is as yet unknown, but more details are expected soon.

When Storonsky set up Revolut three years ago, he told Forbes:

I thought of the business three years ago. I was travelling a lot and wasting hundreds of pounds on foreign transaction fees and exchange rate commissions which just didn’t feel right. As someone with a financial background I knew exactly the rates I should be getting. As a solution, I tried to find a multi-currency card and was later told it wasn’t possible. But I was determined to make it work.

Now, he is looking to expand this vision across the Atlantic, freshly armed with extra crypto options for traders in 25 fiat currencies. Revolut follows Jack Dorsey’s square in firms who have recently sought to gain US banking licenses, as the crypto revolution continues to sweep across the globe.