The European Central Bank reportedly awarded UK-based company Revolut with the banking license effective within the European region.
The released data unveiled that the customers will be able to deposit up to EUR 100,000 at the first phase of the project. Notably, all the funds must be insured via the European deposit insurance system. In the long run, Revolut is considering the launch of the preventive measures against overdraft as well as provide traditional corporate and individual loans.
Lithuania is said to host testing of the new license next year, with the gradual grabbing of the rest of European markets.
“With the banking licence now secured, commission-free stock trading progressing well and five new international markets at final stages of launch, we are living up to our reputation as the ‘Amazon of banking’,” as commented founder and CEO of Revolut.
The company won the bank license from the Bank of Lithuania. For reference, this is a specialized license for banking services developed by the Bank of Lithuania last year. Under the license, the minimal capital must amount to EUR 1 million (e.g. EUR 5 million for traditional banking institution).
Revolut started supporting digital coins in 2017. It was initially added the three main coins Bitcoin, Ethereum and litecoin, while Ripple and Bitcoin Cash became the next in May 2018.