HomeCoinsBitcoin (BTC)Revolut Launches Banking Services in Spain Featuring Deposit Insurance – Fintech Bitcoin...

Revolut Launches Banking Services in Spain Featuring Deposit Insurance – Fintech Bitcoin News

- Advertisement -


Revolut, a leading fintech platform and neobank, has received a special banking license to operate in Spain. User deposits are now insured up to €100K, with the coverage being provided by Deposit and Investment Insurance, a Lithuanian state company. The company, which now has over 800,000 customers in Spain, expects to grow its userbase with this new development.

Revolut Customers in Spain Can Upgrade to Revolut Bank

Revolut, one of the biggest fintech neobanks in Europe, has received a special banking license in Spain, and can now offer deposit insurance to its customers. The protection of the deposited assets will be provided by a Lithuanian state company called Deposit and Investment Insurance, and it will cover amounts of up to €100K (about $115,000). To receive this protection over their assets, customers will have to upgrade their Revolut accounts to Revolut Bank accounts.

The strategy aims to keep Revolut growing in Spain after a poll made last year indicated that more than 80% of users would deposit more funds in the service if they were insured. In the same way, 60% indicated they would use Revolut to settle payments if the platform presented options for insurance.


European Expansion

Revolut, which has its origins in the U.K., has experienced significant growth in Europe, having now over 18 million customers. The platform, which is commonly used around the world to make remittances and payments, arrived in the U.S. last year.

Spain is not the first country where Revolut has applied for a banking license. It already offers these protections to customers in Belgium, Denmark, Finland, Germany, Iceland, Lichtenstein, Luxembourg, Netherlands, and Sweden, where it has managed to also offer credit products to its users. Regarding the offer of insurance to its customers, Joe Heneghan, CEO for Revolut Bank, stated:

The launch of the bank in Spain will provide a higher level of security and confidence to our customers, and will allow us to launch more products and services in the future.

Revolut has also offered cryptocurrency purchases from the app since 2017, merging fintech and crypto in one platform. One of its direct competitors in the field, N26, is only recently announcing the introduction of cryptocurrency trading, lamenting its delay in offering these services to customers.

What do you think about Revolut’s special banking license in Spain? Tell us in the comments section below.

sergio@bitcoin.com'
Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





Source link

- Advertisement -
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
462FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,561FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 43,133.00
ethereum
Ethereum (ETH) $ 3,338.21
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 390.60
litecoin
Litecoin (LTC) $ 149.32
eos
EOS (EOS) $ 2.91
okb
OKB (OKB) $ 26.05
tezos
Tezos (XTZ) $ 4.32
leo-token
LEO Token (LEO) $ 3.79
cardano
Cardano (ADA) $ 1.27
monero
Monero (XMR) $ 223.80
stellar
Stellar (XLM) $ 0.262814
chainlink
Chainlink (LINK) $ 25.61
huobi-token
Huobi Token (HT) $ 10.00
tron
TRON (TRX) $ 0.068578
usd-coin
USD Coin (USDC) $ 1.00
dash
Dash (DASH) $ 141.95
neo
NEO (NEO) $ 25.53
iota
IOTA (MIOTA) $ 1.16
nem
NEM (XEM) $ 0.120745
zcash
Zcash (ZEC) $ 143.32
maker
Maker (MKR) $ 2,219.87
paxos-standard
Pax Dollar (USDP) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 33.06
vechain
VeChain (VET) $ 0.079475
true-usd
TrueUSD (TUSD) $ 1.00
ftx-token
FTX Token (FTT) $ 45.49
kucoin-shares
KuCoin Token (KCS) $ 20.27
waves
Waves (WAVES) $ 14.37