Revolut is a banking system originated in UK that operates in EU, US, Australia and UK as well. It started as a payments systems used mostly to send funds between friends and family via a smartphone app and it now has its own VISA debit card and you can trade stocks and crypto within the app itself.
I've been using Revolut for more than a year and it has worked fine for my needs. It doesn't have insane speed when it comes to Revolut - Regular Bank Accounts transfers, but it's a useful app to have. You can exchange between currencies within the app, pay using Google Pay and withdraw cash from ATMs.
From what the app is notifying me for a while it seems that they're planning to become a bank and trying to lure its clients into different offerings which I have not fallen for. I don't like banks. If I were to chose my best bank so far that would be Binance.
Revolut is not the first or the last mobile app that allows its users to trade stocks and crypto. I have never traded stocks and don't own any, but I am a crypto hodler and enthusiast, and whatever says crypto catches my attention. Hence I checked the crypto trading feature on Revolut and it's quite simple...
You can buy and sell around 15 cryptos using the app, the prices being displayed in whatever currency you are using at that given moment, but you don't have a crypto wallet. You can't store cryptos, transfer them from and to Revolut. It's not anything similar with Binance or other renowned crypto exchanges.
It's true that you don't really own your crypto on any CEX because not your keys, not your funds, but at least you can deposit and withdraw at almost any given time. You funds are your funds... kind of. You don't own anything with Revolut though, but that's still a good thing.
Revolut has over 15 million users worldwide and it's been offering crypto trading since 2017. At first they added Bitcoin, Ethereum and Litecoin and now the plethora got wider with eleven more. Cardano (ADA), Uniswap (UNI), Synthetix (SNX), Yearn.finance (YFI), UMA, Bancor (BNT), Filecoin (FIL), Loopring (LRC), Numeraire (NMR), The Graph (GRT), and Orchid (OXT).
Why is that good for crypto, you might ask. Whatever says crypto and attracts the public's attention towards starting trading trading such assets, sooner than later he/she will end up googling crypto more than he does for porn. Getting the taste of the real deal is what I see as valuable in this equation.
When you start educating yourself on crypto you realize that Revolut's crypto approach is total crap, but you have to set your first step somewhere and in some cases that's Revolut. Chances are that some crypto traders using the above mentioned app will probably find about Hive as well, when they start their crypto quest...
Everything's possible and the more I see such types of new offerings the more excited I am. I don't use this trading services. I hold the read deal, I earn valuable cryptos such HIVE, LEO, ETH and others and I keep on documenting myself about this space, but tbh I wished I knew about Revolut and its crypto trading feature back in 2017 when I wasn't yet in crypto.
It would have helped for sure. Hence I consider that this app will help some people from all around the world get into crypto and that's why I consider it bullish news. Hope you're having a fantastic sunny day and see you to the next one.
Thanks for attention,