Would Revolut follow in the footsteps of CashApp ? After offering to buy US stocks and then cryptocurrencies on their app, only one string was missing in their bow: a wallet. In fact, the current iteration of the application does not allow the sending and receiving of cryptocurrencies. But this complaint soon seems to be repaired as Revolut is working on integrating a wallet into its application. Will this allow Revolut to pave the way for mass adoption?
Revolution startup that cracks the codes
Revolut is a British startup that has established itself as the leader of a disruptive phenomenon for the banking sector that emerged in 2015: neobanks. These new generations of banks, 100% mobile, allowed everyone to open accounts with the flick of a finger and offered all the services of a real bank, minus the bank’s “adviser”.
At the time, the fossilized banking sector was loudly insisting on the potential risks of these new neo-banks. All the while urging us to exercise the utmost caution and asking us to leave our funds with them. Water has run under the bridges and it is clear that history has shown that the neobanks are right. Then, according to a Deloitte study, 42%of bank customers use their bank’s app in 2021 ift 34% in 2019. Which tends to make us believe that the traditional banking system is outdated. Especially since 15% of the bank branches are destined to disappear by the end of 2024 .
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A failing banking sector
Revolut therefore participated in dead cat jumps of this aging actor who is the traditional bank. This fierce competition has still pressured the industry to provide a decent digital experience to their users.
Revolut then offered its customers to buy US stocks and cryptocurrency with just a few clicks. So we might think that Revolut’s thirst for ambition would eventually dry out, as it might have for the N26. But it’s nothing.
In fact, Revolut also seems to want to tackle one of the last bastions in the banking sector : credit.Nick Storonsky said he wants to offer a deferred payment service and is also considering offering mortgages, saying mortgages “are a pretty big part of consumers’ financial lives.”
The cryptocurrency revolution made by Revolut?
In fact, Revolut CEO Nick Storonsky answered questions from Reuters regarding the app’s development. The latter said that his company is currently working on integrating crypto services into its application.
“For example … decentralized wallets and enabling crypto deposits, withdrawals, stakes and lending – that’s another piece we’re missing and working on”
Nick Storonsky CEO of Revolut
Revolut would therefore work to incorporate a wallet into its application that allows crypto deposits and withdrawals.
Such integration would therefore make Revolut one of the largest players in online financial services and would partially materialize its CEOs willingness to make Revolut a “SuperApp” of finance.
Will Revolut be able to win against giants like Binance , Coinbase, Crypto.com or Celsius? The future will show. But if Revolut succeeds in making the crypto and DeFi experience as enjoyable as they have achieved in the banking sector, mass adoption could be pushed into the seams.
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