The neobank Revolut surely contributed significantly to the cryptocurrency explosion by making bitcoin trading available to its millions of customers in 2017. In fact, beginners are especially well-served by its banking application because of how simple it is to use and establish an account.
As a result, it is currently one of the well-known brands in the cryptocurrency world, alongside Binance, Kraken, and Coinbase to the extent that it eclipses these acknowledged exchanges. By enabling cryptocurrency trading for its customers as of 2017, the neobank Revolut completely embraced the phenomenal growth of this industry.
Revolut’s Roots Go Way Back
Revolut was founded in 2014 by two friends of Russian ancestry as a British payment company. The guiding idea was to develop a cutting-edge banking application to aid tourists and save expenditures overseas.
The formula is immediately effective, and FinTech -a abbreviation for a company that combines finance and technology- has the resources to realize its aspirations to quickly produce an innovative solution. It attracts customers from four corners of Europe. The list of services is extensive and gets longer every year, and it includes things like multi-currency accounts, the newest mobile applications, metal bank cards, safes, insurance, and of course, cryptocurrencies.
There are Fierce Competitors to Revolut
Revolut earned its status as a crypto bank by being the first neobank to jump on the cryptocurrency bandwagon, especially given that the opposition is taking its time to challenge it in this sector.
The German-based neobank Vivid may have taken the most significant action to date with its 2021 launch of a cryptocurrency service. Yet, because it is based on derivatives, there is an additional credit risk involved.
So how can we forget about N26, a formidable rival of Revolut? This other German-based neobank appears to want to get back into the game with a cryptocurrency service that will be offered in 2022 on German-speaking markets. Thus, when it reaches France, this offer will be carefully scrutinized.
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