The European Central Bank has granted a banking license to Revolut, the provider of mobile finance app which offers crypto trading.
On Thursday, an announcement was made by the firm regarding the new license which will allow its users with an account for managing their finances from a single place with the help of Revolut Bank, its upcoming venture.
However, this vision is a little way off. The features which are to be offered needs to be built and tested and other work regarding the regulators also need to be completed in the coming months. Next year, the services to be offered by the new app will be tested in Lithuania and only then it will expand in the European markets.
If everything goes well, then the bank will launch overdrafts, full current accounts, direct debits, personal loans, an in-house payment processor along with several other traditional banking services. Current account deposits of around $113,000 would also get protection under the European Deposit Insurance Scheme after the bank’s launch, the firm reported.
Source: Coin Desk and Crypto News Hub
