Revolut wants to expand its cryptocurrency offering in the future. The British neobank indeed claims to be working on the development of decentralized finance (DeFi) services. Determined to become a “superapp,” Revolut wants to add lending and staking offerings to its app. The bank is also working on a digital wallet.
Revolut announces its arrival in decentralized finance (DeFi)
Revolut confirms its ambitions in the cryptocurrency sector. In an interview with our colleagues at Reuters this April 26, 2022, Nik Storonsky, CEO of the online bank, revealed Revolut’s plans for crypto-assets:
“For example… decentralized wallets, allowing deposits, withdrawals of crypto-currencies and staking, lending – that’s another piece we’re missing and working on.”
Specifically, Revolut wants to step on the toes of decentralized finance apps with cryptocurrency lending and staking solutions. The rise of applications offering annual returns of 5 to 10%, such as Wirex or Crypto.com, is forcing the neobank to enrich its cryptocurrency offer, which is currently very meager compared to the services of the competition.
The British bank also wants to offer home loans to its customers in the coming years. The CEO believes this is essential, as mortgages are an “important part of consumers’ financial lives.” But for now, Revolut is focused on creating a credit option that will allow its customers to defer payments.
Revolut will enhance its cryptocurrency offering to become a “superapp”
With these additional services, Revolut wants to become a “superapp” that lists all the financial products a user may want. Nik Storonsky indeed dreams of Revolut becoming the “one-stop shop for all financial services.” The neobank already allows users to invest in stocks on the stock market, in some cryptocurrencies and in precious metals, such as gold and silver.
Revolut has never hidden its interest in the world of digital assets. As early as 2017, the neobank allowed its users to buy and sell cryptocurrencies. Since then, the app has regularly added new tokens. Last year, Revolut committed to allowing withdrawals to external wallets.
Revolut doesn’t plan to stop at DeFi services. The British neobank also has ambitions to launch a cryptocurrency exchange platform. Mirroring major players in the industry, such as Binance or Crypto.com, Revolut also wants to offer crypto-currency cashback to its users. With this in mind, the firm is currently developing its own cryptocurrency.
Putting its money where its mouth is, Revolut is currently gathering the necessary approvals to expand its offering into the digital asset space. In fact, the neobank has just received approval in principle from the Monetary Authority of Singapore to operate cryptocurrency-related services.
According to Revolut, the approval from the Singaporean central bank will allow customers residing in Singapore to “buy, sell and hold cryptocurrency in the app.” The agency’s approval will also allow merchants to accept crypto-currency payments through Revolut.
