Revolut, the currency exchange and payments platform with main business in UK and Europe, has said that it has added 11 crypto tokens to its platform so that the user could easily exchange between fiat and crypto through the platform.
The added crypto tokens included Uniswap and Cardano and with as little as $1, the users would be able to swap between fiat and crypto. Revolut has more than 12 million users and 500,000 businesses on its platform and with the spurt in interest in cryptos over the recent months, it makes sense for it to focus on adding more cryptos into the platform.
The company has also released an upgrade to their app which is now into Version 8.0. It now includes upgrades to their analytics so that money added from other accounts would not show up as incoming payments for the user. This should sort out some of the issues that the users have had and this double-counting was a bit of confusion for the users.
Revolut has been making rapid strides over the last few months in the UK and European market and its valuation have crossed $5 billion. They have also applied for a UK banking license which could lead them to disrupt the banking sector considering their size and also the innovations that they are likely to bring along.
Legacy banks continue with their slow pace of development and they could see a lot of their clients leaving them for companies and new banks that have technology on their hands. Innovation and technology are the fields that legacy banks have a lot of catching up to do and this is not going to happen overnight.
Revolut is certainly likely to be one of those that innovate and pose a challenge to banks. As proof, it can be said that they recently added an invoicing tool in their app so that it becomes easy for businesses that use the app to invoice their customers. The app also has a marketplace where users can buy items and the latest upgrade also give the users the choice to buy gift cards so that they can gift them to their friends and others. This is a win-win for the company and the customer as the company is likely to gain new users who want to redeem these gift cards.
It remains to be seen how the UK regulators are going to handle their banking license application. It might lead to scrutiny and changes to the way that Revolut does its business but it would be interesting to watch these developments to understand the thinking of the regulators.