TheEastern European nation Lithuania, has claimed a major stake in the world of digital assets and cryptocurrencies. It has made a move that would open up the crypto space to its citizens and Europe at large. It has granted a banking license to the crypto-friendly, digital banking giant, Revolut.
Revolut obtained its license through the Central Bank Of Lithuania. The company has stated that it intends to make good use of the free market trade advantages offered by the European Union passport. This would enable it set up financial operations that would offer cryptocurrency services across nations that are members of the European Union. This move is a result of The United Kingdom’s decision to leave the EU. It would help minimize the financial backlash the company would suffer when Britain’s exit is finalized, while permitting it to continue business operations with ease across the continent.
Revolut broke stereotypes in the financial industry to become one of the first major financial startup firms in the world to accept cryptocurrencies, and accord them the same status and privileges of fiat currencies on its platform. It has allowed its users trade cryptocurrencies directly from its platform. Revolut currently supports Ethereum (ETH), Bitcoin (BTC), Bitcoin Cash(BCH), Ripple(XRP),and Litecoin(LTC). The Fintech giants, quite recently, have been making moves to expand into the Asian market, though procuring this license indicates they have no desire to lose even a single inch of footing in Europe. Revolut currently accrues $4 billion in transactional volume every month, as reported by TechCrunch. The company is currently valued at $1.7 billion. This license would ensure that it remains a profitable company.