UK Based Crypto Bank Revolut Raises $500 Million

February 26, 2020 / by Crypto.IQ

The United Kingdom based digital bank Revolut has raised $500 million, increasing its valuation to $5.5 billion.

Since 2017 Revolut has allowed users to complete transactions with Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), and Ripple (XRP), in addition to regular fiat currencies. Revolut has over 10 million users, and saw its userbase grow by over 150% last year.

Notably, Revolut received a Lithuanian banking license in December 2018, which will enable it to move away from prepaid cards towards a full suite of banking services.

Further, Revolut is expected to launch in the United States in the first half of 2020, although there is no official launch date until Revolut clears the required regulatory hurdles. If Revolut can get approved, it may boost crypto adoption in the United States via offering crypto banking and card services.

Additionally, Revolut is eventually aiming to expand to Latin America and Asia.

Overall, Revolut is essentially a traditional bank that is integrated with cryptocurrency, which can be considered another milestone in the maturation of the crypto space.

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