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Revolut

UK’s Revolut Adds DOGE, SHIB With Eyes On US Market

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DOGE, SHIB, SOL, and AVAX are among the 29 tokens added by London-based fintech startup Neobank Revolut as part of its crypto expansion plans in the highly competitive US market dominated by industry heavyweights such as Coinbase, Binance, etc.

According to the press release, the bank’s partnership with digital asset service provider Apex Crypto made it feasible for it to make the most recent step to expand its portfolio.

“Today we’ve more than quadrupled our token portfolio to give our customers access to a much more diverse crypto offering,” Mazen Eljundi, Revolut’s global business head for crypto said in a statement. Trading is commission-free up to $200,000 a month, he added. 

The New York department of financial services has not yet approved all of the tokens, the announcement also revealed.

On its platform, Revolut enables users to purchase and trade cryptocurrencies. Customers could previously only keep cryptocurrency within the app; however, they can now withdraw Bitcoin to an external wallet.

Revolut is also referred to as a “challenger bank,” a term for new digital banks with the mission to challenge the major banks.

However, the firm reportedly came under the scanner of UK financial regulators who have noted some discrepancies in the auditing report.

According to a Financial Reporting Council report from July, the audit of an unnamed “financial services provider” by accountancy firm BDO was found to be insufficient and to have a risk of an undetected material misstatement.

The report came after co-founder and CEO Nikolay Storonsky ‘complained’ in a recent interview about how long regulators are taking to review its application for a banking license.

That said, the popular meme coin Dogecoin has now emerged as the second biggest PoW coin.

DOGE 2nd Largest PoW Token After The ETH Merge

Dogecoin is now the second-largest proof-of-work cryptocurrency in terms of market value following the transition of the Ethereum network to the proof-of-stake protocol on September 15, TronWeekly reported.

The widely used meme coin is way ahead of the third-ranked PoW cryptocurrency Ethereum Classic [ETC] with a market cap of $4.69 billion, as well as Litecoin [LTC], having a market cap of $4 billion.

In addition to that, the asset made a comeback to the top 10 after surpassing Polkadot [DOT], according to CoinMarketCap data. The token is currently valued at $7.9 billion.

Revolut Becomes UK’s Most Valuable Fintech Startup, Officials Still Wary of CEO’s Kremlin Connections

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The cryptocurrency industry has gone through multiple phases since the massive bull run of 2017. Since then, the industry has been hit with speculations, price drops then a renewed interest shown by institutional investors.

Out of all the cryptocurrency companies out there, Revolut, based in the UK, has come out on top. The digital bank recently revealed that they had become the country’s most valuable financial technology startup.

Revolut received a massive boost in valuation after its latest funding round which elevated its value to 4.2 million pounds. The latest number is almost triple than that of its earlier valuation, prompting many to believe that the cryptocurrency industry was only thriving.

The latest funding round has allowed Revolut to usurp its rivals Monzo and OakNorth, both holding valuations of EUR 2 billion and EUR 2.2 billion respectively. The two rival companies were also trying to enter multiple markets across the world but regulatory frameworks have been an issue. Monzo and OakNorth can, however, take solace in the fact Revolut has also not turned a profit till now. If anything, Revolut’s losses had more than doubled in 2018 to settle at $33 million.

Revolut’s latest valuation boost was provided by the US Technology Crossover Ventures Fund, which pumped $500 million into the company. Investors have a tendency to invest in a growing business, as they also own shares in Spotify, Netflix, and Airbnb. The digital bank was also in the news recently when it launched a feature to allow users to aggregate other bank account data within its application.

The feature would allow customers within the United Kingdom to connect their individual UK bank accounts to Revolut. This was created to create a more wholesome banking environment where customers can see all their spending in one place. The update seems to have worked for the startup as the company is now worth three times more than its valuation in the spring of 2018.

Nik Storonsky, the Chief Executive Officer [CEO] of Revolut gave his two cents on the latest partnership:

“Going forward, our focus is on rolling out banking operations in Europe, increasing the number of people who use Revolut as their daily account, and striving towards profitability. TCV has a long history of backing founders who are changing their industries on a global scale, so we are excited to partner with them as we prepare for the next stage of our journey.”

Despite recent news, Revolut found it difficult to maintain a positive face in the industry. This comes as a result of multiple reports from overworked staff and the CEO’s connection to Russia. Although the official has denied any links with the Kremlin, lawmakers still remained wary. The first tip-off came in 2014 when investigators discovered that Storonsky’s father was a director at the much-maligned Gazprom.