Digital Banking Platform Revolut Expands Into Decentralized Cryptocurrency Wallets
Digital banking platform Revolut is working to expand into decentralized cryptocurrency wallets and is also looking at the mortgage sector, the CEO said, as the London-based company presses ahead with its strategy of becoming a so-called “super app”.
Revolut, which currently offers payment services, crypto trading, savings accounts and stock trading, is focused on expanding its remittance offerings and launching a buy now, pay later product in the near term. But the financial technology company has more work to do to become a one-stop shop for financial services, CEO Nik Storonsky said.
“For example… decentralized wallets, and enabling crypto deposits, withdrawals [and] stake out, lend – that’s another piece we’re missing and working on,” he told Reuters.
He added that it’s also important for the company to expand into mortgages, as home loans are “a pretty important part of consumers’ financial lives.”
While super apps like WeChat in China have taken off in other parts of the world, all-in-one platforms have proved elusive in the United States and Europe.
Revolut is not alone in its quest to become a global financial super app. Global brands, from Amazon to IKEA and Walmart, are ditching the traditional financial middleman and plugging in tech startup software to offer customers everything from banking and credit to insurance.
Revolut is also opening new remittance corridors allowing its US users to send money across borders in up to 30 minutes. The company introduced free wire transfers to bank accounts in Mexico in January and recently launched high-speed wire transfers from the United States to Chile, Brazil and South Korea.
“It’s amazing, because nobody in the world can do it. If you use WorldRemit or [Wise] or Western Union, none of them have this ability to transfer money instantly and free of charge,” Storonsky said.
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