Neobank Revolut wants to get into DeFi with a lending and staking offer

Revolut announces its arrival in decentralized finance (DeFi)

Revolut confirms its ambitions in the cryptocurrency sector. During an interview granted to our colleagues from Reuters on April 26, 2022, Nik StoronskyCEO of online banking, revealed Revolut’s plans for crypto-assets:

“For example…decentralized wallets, allowing cryptocurrency deposits, withdrawals and staking, lending — that’s another piece we’re missing and working on”.

Concretely, Revolut wants to walk on the flowerbeds of decentralized finance applications with lending and staking solutions of cryptocurrencies. 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 competing services.

The British bank also wants to offer home loans to its customers in the coming years. The CEO thinks it’s essential, because mortgages represent a part important to the financial lives of consumers. But, for now, Revolut is focused on creating a credit option that will allow its customers to defer their payments.

👉 Find all the news of Bitcoin (BTC)

Revolut will enrich its cryptocurrency offer to become a “superapp”

With these additional services, Revolut aims to become a “super app” which lists all the financial products that a user may wish. Nik Storonsky indeed dreams that Revolut becomes the “one stop shop for all financial services”. The neobank already makes it possible to invest in stock market sharesin certain 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 application has been regularly enriched with new tokens. Last year, Revolut pledged to allow withdrawals to external wallets.

Revolut does not intend to stop at DeFi services. The British neobank also aims to launch a cryptocurrency exchange. Mirroring major industry players, such as Binance or Crypto.com, Revolut also wants to offer cashback in cryptocurrency to its users. With this in mind, the firm is currently developing its own cryptocurrency.

Walking the talk, Revolut is currently collecting the necessary authorizations to expand its offering in the area of ​​digital assets. The neobank has also just obtained approval in principle from the Monetary Authority of Singapore to operate services related to cryptocurrency.

According to Revolut, the Singaporean central bank’s agreement will allow customers residing in Singapore “to buy, sell and hold cryptocurrency in the app”. The agency’s approval will also enable merchants to accept cryptocurrency payments via Revolut.

👉 Read also: Revolut prefers Bitcoin (BTC) to the dollar for the payment of its new offices

Sources: Reuters, Business Times

What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.

Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky in nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.

About the Author : Florian Bayard

Leave a Comment