Revolut obtained a Markets in Crypto-Belongings Regulation (MiCA) license from the Cyprus Securities and Trade Fee (CySEC), enabling it to supply regulated crypto providers throughout all 30 markets within the European Financial Space (EEA).
The transfer boosts Revolut’s growth within the crypto market because the fintech prepares to launch its next-generation “Crypto 2.0” platform, the corporate mentioned in a information launch shared with Cointelegraph.
“This authorisation permits us to ship groundbreaking crypto merchandise with enhanced transparency and belief for our rising buyer base, whereas additional reiterating our dedication to crypto as an asset class,” mentioned Costas Michael, CEO of Revolut Digital Belongings Europe.
The MiCA license allows Revolut to market its full suite of crypto merchandise underneath the regulatory framework. The corporate, which serves greater than 65 million prospects worldwide, together with 40 million in Europe, will use the license to increase its crypto buying and selling, staking and stablecoin choices, per the announcement.
Associated: Revolut doubles profits to $1.3B on user growth, crypto trading boom
Revolut’s Crypto 2.0 to supply 280 tokens
Revolut additionally unveiled a collection of latest merchandise, together with its next-generation crypto platform, Crypto 2.0, which can embody entry to over 280 tokens, zero-fee staking with returns of as much as 22% annual proportion yield and 1:1 stablecoin-to-US greenback conversion with out spreads.
“When paired with crypto-enabled Revolut Visa/Mastercard playing cards, seamless on/off-ramping instruments, and Revolut X’s low buying and selling charges (0.00%–0.09%), the platform delivers one of many broadest and most cost-effective crypto experiences in Europe,” the corporate wrote.
Final 12 months, Revolut introduced Revolut X, a devoted desktop crypto alternate concentrating on skilled merchants. The platform gives buying and selling for 100 tokens with low charges and real-time on/off-ramp capabilities.
The agency later expanded its crypto exchange in Europe, rolling out Revolut X in 30 markets throughout the European Financial Space (EEA). The platform, which now helps cellular entry through the App Retailer and Google Play, has attracted greater than 14 million crypto customers globally, Revlout mentioned.
Associated: Pyth partners with Revolut for real-time digital asset data
Revolut eyes crypto derivatives market
In June, a Revolut spokesperson confirmed that the fintech was increasing its crypto experience, significantly for institutional shoppers, after stories speculated that it was preparing to enter the crypto derivatives market.
In Might, Revolut introduced plans to invest over 1 billion euro ($1.1 billion) in France and apply for a neighborhood banking license as a part of its growth within the area.
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