Fun

Revolut Launches Banking Services in Spain Featuring Deposit Insurance

News Feed - 2022-01-14 08:01:01

Revolut Launches Banking Services in Spain Featuring Deposit Insurance


Revolut, a leading fintech platform and neobank, has received a special banking license to operate in Spain. User deposits are now insured up to €100K, with the coverage being provided by Deposit and Investment Insurance, a Lithuanian state company. The company, which now has over 800,000 customers in Spain, expects to grow its userbase with this new development. Revolut Customers in Spain Can Upgrade to Revolut Bank


Revolut, one of the biggest fintech neobanks in Europe, has received a special banking license in Spain, and can now offer deposit insurance to its customers. The protection of the deposited assets will be provided by a Lithuanian state company called Deposit and Investment Insurance, and it will cover amounts of up to €100K (about $115,000). To receive this protection over their assets, customers will have to upgrade their Revolut accounts to Revolut Bank accounts.


The strategy aims to keep Revolut growing in Spain after a poll made last year indicated that more than 80% of users would deposit more funds in the service if they were insured. In the same way, 60% indicated they would use Revolut to settle payments if the platform presented options for insurance. European Expansion


Revolut, which has its origins in the U.K., has experienced significant growth in Europe, having now over 18 million customers. The platform, which is commonly used around the world to make remittances and payments, arrived in the U.S. last year.


Spain is not the first country where Revolut has applied for a banking license. It already offers these protections to customers in Belgium, Denmark, Finland, Germany, Iceland, Lichtenstein, Luxembourg, Netherlands, and Sweden, where it has managed to also offer credit products to its users. Regarding the offer of insurance to its customers, Joe Heneghan, CEO for Revolut Bank, stated:


The launch of the bank in Spain will provide a higher level of security and confidence to our customers, and will allow us to launch more products and services in the future.


Revolut has also offered cryptocurrency purchases from the app since 2017, merging fintech and crypto in one platform. One of its direct competitors in the field, N26, is only recently announcing the introduction of cryptocurrency trading, lamenting its delay in offering these services to customers. Tags in this story baking license, banking license, Insurance, N26, Revolut, Spain


What do you think about Revolut’s special banking license in Spain? Tell us in the comments section below. Sergio Goschenko


Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. British Lawmakers Say a CBDC Is Likely to Hurt Financial Stability — Digital Pound Benefits Overstated FINTECH | 55 mins ago Report: Fintech Firms Received 62% of the $4.9 Billion Raised by African Tech Companies in 2021 FINTECH | 3 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleRussia’s Tinkoff Bank Enters Crypto Space Through Swiss Company Acquisition Next articleNYCB and Group of Banks Join to Launch USDF Stablecoin Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItItalian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG


The Italian luxury sports car manufacturer headquartered in Maranello, Italy, Ferrari has announced the firm is partnering with Velas Network AG, a firm that specializes in blockchain and non-fungible token (NFT) technology. Ferrari Reveals Partnership With Blockchain Firm Velas On ... read more.HP-Branded Servers Hijacked to Mine $110,000 Worth of Cryptocurrency Ethereum Hashrate Taps Record-Setting 1 Petahash as ETH’s Mining Profitability Remains High Crypto Exchange Binance Receives Approval in Bahrain — Plans to Become Regulated, Centralized Worldwide This Year"s Top 10 Crypto Asset Gainers Outshined BTC"s and ETH"s 12-Month Returns

News Feed

Some Indian Banks Ignore Supreme Court Verdict on Cryptocurrency, RBI Urged to Rectify
Some Indian Banks Ignore Supreme Court Verdict on Cryptocurrency, RBI Urged to Rectify Despite the Indian supreme court quashing the central bank’s ban on crypto, some majo
UK Police Seize USB Stick With Ethereum Worth $9.5 Million
UK Police Seize USB Stick With Ethereum Worth $9.5 Million British detectives have seized $22.25 million from operators of an international cryptocurrency scam.
Jeff Booth Warns of Debt Deflation If Federal Reserve Keeps Hiking Interest Rates
Jeff Booth Warns of Debt Deflation If Federal Reserve Keeps Hiking Interest Rates The author of “The Price of Tomorrow,” Jeff Booth, has warned about debt deflation, ca
Ezra Reguerra13 hours agoUser claims $11M in Blur token rewards at NFT marketplace’s season 2 airdropNFT marketplace Blur allocated a total reward pool of 300 million tokens, worth around $146 million, for traders who
ByBit to launch Notcoin trading and withdrawals next week
Helen Partz13 hours agoByBit to launch Notcoin trading and withdrawals next weekThe community is anticipating the trading launch of Notcoin, although no one knows its price at or after listing.4382 Total views10 Total sh
Technical Analysis: MINA Monday’s Big Gainer, CRO Lower Despite Crypto.com’s LeBron Ad
Technical Analysis: MINA Monday’s Big Gainer, CRO Lower Despite Crypto.com"s LeBron Ad In what has been a volatile day of trading, MINA is one of the biggest gainers in crypto to
‘Sophisticated’ Hacker Plunders $450,000 From Defi Protocol Balancer
"Sophisticated" Hacker Plunders $450,000 From Defi Protocol BalancerDecentralized finance (Defi) protocol ​Balancer was on Sunday hacked for more than $450,000 worth of crypto
IMF Board Offers Guidance for Developing Effective Crypto Policies
IMF Board Offers Guidance for Developing Effective Crypto Policies The executive board of the International Monetary Fund (IMF) has provided guidance for member countries to develo
Genesis Digital Assets Reveals $431 Million Capital Raise — Mining Firm Aims for 1.4 Gigawatts by 2023
Genesis Digital Assets Reveals $431 Million Capital Raise — Mining Firm Aims for 1.4 Gigawatts by 2023 On Tuesday, the bitcoin mining firm Genesis Digital Assets announced the fi
Anthony Clarke9 hours agoBoosting blockchain adoption by keeping tech on the back endBuilders are increasingly looking to streamline their applications with more familiar interfaces to onboard new users.395 Total views16
Here’s what happened in crypto today
Cointelegraph1 hour agoHere’s what happened in crypto todayNeed to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto
Dubai Free Trade Zone Partners With South Korean Companies to Expand Web3 and Metaverse Business
Dubai Free Trade Zone Partners With South Korean Companies to Expand Web3 and Metaverse Business The Dubai Multi Commodities Centre, one of the biggest free trade zones in the worl