Robinhood’s latest rival, Revolut comes out all guns blazing

Revolut, the latest entrant into the smartphone-based banking sphere has announced its plans to come into the United States after a remarkable run in Europe, which saw the companies expand to over 28 countries in the continent.

In the ongoing TechCrunch Disrupt conference, Nikolay Stronsky, the CEO of Revolut gave users a glimpse of what is to come in the future. He stated that what sets the company apart is the fact that they do “everything that banks do but ten times faster and ten times cheaper”.

Some of the features that make Revolut stand out from the cryptocurrency crowd is the fact that users can get cashbacks in the form of cryptocurrencies on purchases made from the Revolut metal card. The type of cryptocurrencies can be decided by the user, with the CEO stating that holders can choose from assets like Bitcoin [BTC], Ethereum [ETH] and other mainstream currencies.

The concept of conducting cryptocurrency transactions using a card is not new in the cryptosphere with Mastercard and Visa partnering with Abra to make buying or selling cryptocurrencies simpler and more easily accessible.

Stronsky has gone ahead and stated that the cashback that users obtain in the form of cryptocurrency is stored in the form of cold wallet to ensure safety and security. The Revolut team has also revealed that penetration tests and stress tests are being done on a regular basis to maintain full-scale anonymity and security. Revolut has also said that users will be able to transfer the obtained cryptocurrency within the Revolut ecosystem but not to any other wallets or exchanges.

The company is also planning to enter into the commission-free trading space, making it a direct rival to the famous Robinhood, a brokerage firm based in the United States. Robinhood made quite a splash in the cryptosphere when they announced that would be providing services for cryptocurrency at a zero commission rate.

Robinhood currently renders their services for cryptocurrency namely, Bitcoin [BTC], Ethereum [ETH], Ethereum Classic [ETC], Litecoin [LTC], Bitcoin Cash [BCH] and Dogecoin [DOGE]. The company was also in the news recently when it was listed on LinkedIn’s top startup chart.

Stronsky was confident when he said that Revolut’s entry into the commission business would be easier than Robinhood entering the banking space because the financial markets made it really difficult for new players in the banking sector.

The CEO also touched upon how the Securities and Exchanges Commission [SEC] has played an integral part in the shift from Europe to the States. Stronsky was candid in revealing that the cryptocurrency regulations in the United Kingdom were much more lax, with the country setting up a separate task force to tackle cryptocurrency regulations from the ground level.

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