Revolut intends to expand its bitcoin offerings in the future. The British neobank claims to be developing decentralized finance services (Defi). Revolut intends to add loan and staking offers to its app in order to become a “super app.” The bank is also developing a digital wallet.
Revolut reveals its plans to enter the bitcoin market. Nik Storonsky, CEO of online banking, outlined Revolut’s ambitions for crypto-assets in an interview with our colleagues from Reuters on April 26, 2022:
“For example…decentralized wallets, allowing cryptocurrency deposits, withdrawals and staking, lending — that’s another piece we’re missing and working on.”
Revolut intends to enter the decentralized financial application market with cryptocurrency loans and staking options. The advent of programs giving 5-to-10% yearly returns, such as Wirex or Crypto.com, is pressuring the neobank to expand its cryptocurrency offering, which is now quite limited in comparison to competing services.
In the coming years, the British bank intends to offer real estate loans to its customers.
The PDG believes it is necessary since hypothecary loans account for a “significant portion of consumer financial life.” However, for the time being, Revolut is focusing on the development of a credit option that would allow its customers to spread out their payments.
Revolut’s plans do not end with DeFi services. In addition, the British neobank intends to develop a cryptocurrency exchange platform. Revolut, like big industry participants such as Binance and Crypto.com, intends to give bitcoin rebates to its users.
With this in mind, the company is presently working on its own cryptocurrency.
Revolut is presently gathering the required authorizations to expand its offering in the realm of digital assets, matching words to deeds. The neobank has also recently received preliminary clearance from Singapore’s Monetary Authority to provide cryptocurrency-related services.
According to Revolut, the agreement from the Singapore central bank will allow customers residing in Singapore to “buy, sell and hold cryptocurrency within the app”. The body’s approval will also allow merchants to accept cryptocurrency payments through Revolut.