A fintech startup known as Revolut, is crypto-friendly that made tech news when it obtained a Lithuanian banking license according to a report on TechCrunch as of December 12. Obtaining a Lithuanian Banking License According to the report, the license was obtained by the startup using the Bank of Lithuania. The company is taking advantage of passporting rules that will allow them to legally operate in other countries in Europe. Laws allowing banks to operate in territories of other member states are what these passport rules have accomplished for banks that were doing business on the European free market.Protection to Users A debit card that is not prepaid and up to date accurate information on users’ accounts are expected to be provided for Revolut’s users in various countries including Poland, Germany, France and the United Kingdom during a time frame of the next few months. The European Deposit Insurance Scheme will cover deposits of up to 100,000 pounds or over $113,000 United States dollars that are made by users of the startup. Revolut Supports Cryptocurrency The startup, Revolut, began supporting cryptocurrencies (virtual currency) approximately a year ago. The company has a support blog to keep its users up to date on the current events and any changes at the company. A post on the support blog says that Revolut, is currently allowing users to increase their exposure to various cryptocurrencies including Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin (BTC) and Bitcoin Cash (BCH). Future Plans Revolut also has plans to offer both loans and overdrafts to clients at some point in the future. The transactions done by Revolut’s users reach a volume of $4billion each month. There are anywhere from 8,000 to 10,000 accounts opened each day through the startup. Revolut gained a value of $1.7 billion after a round of funding that was received during April.
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