Perhaps other aspiring mobile crypto banking platforms like Good Money have already been beaten at the starting line. Today, Coindesk published a reaction to yesterday’s news of the Revolut app obtaining a banking license and what that might mean.
If you have not heard of Revolut before, think about a bank that is completely reliant on its’ mobile platform, which includes a crypto exchange. Thus, Coindesk’s characterization of it as a crypto-friendly bank instead of a crypto bank is on point. On their main site, they list their key differentiator as facilitating customer transfers between 24 currencies without any fees. At the same time, they do charge fees on purchases over about $5600 as well as for keeping accounts open per month. With these facts and others like their 2% withdrawal fee in mind, it appears that their fee-less currency exchange service is somewhat of a nominal concession.
On top of all of this, their cryptocurrency exchange supports Bitcoin, Ethereum, Litecoin, Ripple(XRP), and Bitcoin Cash, though at this time it is not clear whether they support BitcoinABC or BitcoinSV. Once all of this is known, it is important to mention that Revolut users are unable to send crypto from any outside service to the Revolut platform. That means that anyone who wants to involve any of their existing holdings in their Revolut experience, would have to start from scratch with fiat.
In addition to this drawback, Coindesk reported that Revolut is nowhere close to achieving its’ goal of providing an account that effectively supports 30 currencies, all in one place. As of now, their development schedule reportedly includes their first pilots occurring exclusively in Lithuania, before moving to the rest of Europe.
Therefore, even though they have a banking license, Revolut appears to represent another example of a crypto project that the media has hyped up before it is truly ready to launch.
By: BGN Editorial Staff