Revolut Enables Customers To use Crypto Balance as Regular Money
Completed Registration with U.K.’s Financial Regulator
The Crypto trading app & digital bank Revolut has received its registration from the United Kingdom’s Financial Conduct Authority to offer crypto services in the U.K. Earlier the firm was providing Crypto trading services using a temporary registration regime, or TRR.
This temporary registration is been provided to the firms waiting on their permanent registration from the Financial Conduct Authority. But the U.K. has completely shut down these temporary services and moved to one-time permanent registrations.
Valuation of the Firm & Crypto Assets Offered –
The digital banking service, which is valued at $33 billion, was added to the U.K. financial watchdog’s crypto-asset firm register on Monday. The firm has about 20 million customers worldwide and has about 80 crypto assets listed on the platform.
How It is Providing To Use Crypto wallet As a Regular Wallet –
Digital banking firm Revolut is introducing a crypto spending feature in their wallet. This will enable customers to use their crypto balance to pay for everyday expenses using their Revolut card.
The service will be available for its users starting on Nov. 1, 2022. also to attract new users and existing users, Revolut will provide a cashback of 1% for a limited time period on all the Crypto expenses. This was mentioned in their company notice.
This new Revolut feature comes after the U.K.-based firm received registration from that country’s Financial Conduct Authority to offer crypto services in the U.K. following a lengthy wait to gain approval.
