Revolut users will be able to use crypto to pay for everyday expenditures – November 1st onwards

• Revolut will allow users to regular payments via crypto
• The global digital banking service provider raised $800 M in debt funds in 2021.
• It is one of the few firms to win FCA’s registration for crypto services.

Wait a minute – So now I can pay for my veggies with Crypto?

Ofcourse, some countries have already embraced crypto payments and certain cryptocurrencies like fiat currency. However, Revolut deals with fiat as well as crypto. The application supports 30+ currencies; has almost 20 million users and over 950,000 business users. 80 crypto assets are available on Revolut.

Revolut’s customers will be able to use their cryptocurrency balance to pay for everyday expenditures via their Revolut card from November 1st. Also, for a limited time customers will be able to avail 1% cashback on crypto expenditure.

Revolut is a one-stop solution for all the financial service needs of individuals and businesses. Launched in 2015, the global banking services application is based in the United Kingdom. It also provides crypto trading services on the Ethereum Enterprise Alliance (EEA), which is a novel initiative to improve Ethereum network to make it an enterprise grade software.

Revolut got FCA’s full approval to provide crypto services this September

This comes after the banking service provider won the UK’s Financial Conduct Authority’s (FCA) registration to provide crypto payment services in the UK. Revolut had made the FCA’s crypto asset firm register on September 26th. It was registered on the FCA’s Temporary Registration Regime (TRR) which allowed it to provide crypto services while being reviewed by the FCA.

The FCA is the apex financial regulator in the UK. It works independently of the UK government and regulates 50,000 firms to ensure a fair and competitive market. It is mandatory for financial services in the UK to get the FCA’s approval for operation. All registered firms are listed on the FCA register.

After the FCA took on the lead role in dealing with money laundering and counter terrorism financing since 2020, crypto asset firms were required to register with it as per new guidelines. From the 100 firms that applied for registration, 38 including Revolut have won approval.

Revolut is supported in over 200 countries and regions. It won the approval to offer services in the European Economic Area from Lithuania which is where it provides its services from this August which cleared it for operations in the rest of Europe.

Revolut’s business model

Nikolay Storonsky conceived Revolut’s business objective when he was traveling in Europe. He realized that transactions in foreign currencies were expensive, tedious and time-consuming. Along with Vladyslav Yatsenko (present CTO), Storonsky created Revolut which covers multiple currencies and has a Europe-focussed business. Revenue is generated via ‘Interchange’ which means 0.2% of the transaction fees goes to Revolut.

Revolut’s business is undoubtedly disruptive. After its series E funding through which it raised $800 million its valuation rose to $33 billion. It counts among the most valuable startups based in the UK.

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