Revolut’s Beta Version Crypto App Launches
Revolut, a banking institution in the United Kingdom, has announced that they’ve released the beta version of their cryptocurrency application in Australia as of Thursday, June 13, 2019. The firm made a public statement to twenty thousand Australians, all of who have preregistered for this application via the waiting list. The report informed those Aussies that they now have access to the application through desktops or mobile phones. Additionally, new users will be accepted in the coming weeks.
Revolut is licensed to operate as a banking institution in the United Kingdom & Europe. However, the company won’t be listed as a bank in Australia until it can receive the necessary licenses. The license is slated to be coming in the next few weeks, which will then allow for Revolut to open their electric money institution to the public of Australia.
Analyst with Revolut’s Business Development Sector, Grace Stuart, commented on the beta app being launched by saying, “We want to get off on the right foot here, which is why we’re taking our time to roll out gradually, to make sure that our Australian customers feel supported, and that they have the best possible experience. We’re in this for the long haul, after all.”
New Melbourne Office
Australia requires that all financial institutions wanting to maintain services in their country must first have an office in the land down under. That’s what has lead to Revolut opening up an office in Melbourne, which will be the centre for innovation and talent at the company. Thirty new employees are slated to be hired for this office &Revolut is rumoured to be investing seven million dollars into their new headquarters.
Launching themselves into a new jurisdiction will allow for much-needed growth in Revolut. The last few months have been tough for the company after they failed with compliance agreements. It’s also rumoured that at some point, this banking institution has ties with Russian banks. However, records indicate that after 2014, all illegal activities were halted.
Launching in a new jurisdiction is a positive move for the challenger bank after a tough few months. Compliance failings and alleged ties to the Russian government have been used as a cosh by many in the financial media to bash the nascent bank, which has seen a meteoric rise since its founding in early 2014.