After closing a $ 250 million investment round, Revolut is projecting into the future with the new Revolut Platinum debit card that will allow users to get a 1% cash back in criptovalute, as well as offering a wide range of other services.
“It provides the same services offered by the Premium card, but with an extra level that allows you to get a cash back in cryptovalute” said Nikolay Storonsky, CEO of the company.
How the Revolut Platinum card is born
Founded in 2015, to date, Revolut has over 1.8 million users.
In the first instance it is a “beyond banking” application , as the self-definition of the startup, focused on payment cards with exchange rates between particularly favorable foreign currencies and with a zero commissions model .
The activity of the London startup has subsequently turned into a 360-degree platform that offers, in addition to traditional banking services, a wide range of instruments ranging from travel insurance policies to the sale of cryptocurrencies.
The startup, with its $ 1.7 billion valuation, is one of the fastest growing European unicorns, even surpassing TransferWise’s valuation.
Many plans for the future, including expansion into other markets, including the United States, Canada, Australia and Singapore (to date, the company operates solely on the European market), and the introduction of a series of new debit cards . One of these, Revolut Platinum in fact, will complement the already existing premium by expanding the business of Revolut in the cryptocurrency market.
A unicorn in flesh and blood
The adventure in the world of cryptocurrencies had begun for Revolut already at the end of 2017 with the integration of an exchange for the purchase of bitcoins and other crypto connected to the Premium account and accessible directly from the mobile application.
A more than successful experiment according to Storonsky who comments saying “we recorded a high volume during the month of December . The months of January, February and March, however, showed a decrease, which is however in line with the trend of the entire market “.
The opening of Revolut towards the cryptocurrency sector certainly does not come as a bolt from the blue. In response to the well-known bitcoin opposition statements expressed by Jamie Dimon in November of last year, Storonsky expressed its positive opinion on the matter and the company’s interest in expanding in this direction.