Revolut is one step away from being the first fintech startup in the United States with a banking license
Fintech startup plans to apply to the California Department of Financial Institutions
Revolut will be able to provide services throughout the United States through intergovernmental agreements
A similar attempt was previously made by the famous fintech startup Robinhood.
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Revolut’s neobank, whose user base has exceeded 13 million people, prepares to apply for a banking license in the USA
Fintech startup Revolut, created by Russian-born Nikolai Storonsky, is preparing to apply for a banking license in the United States. Writes about this CNBC with reference to sources close to the company.
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The London-based neobank plans to apply for a license with the Federal Reserve Bank of San Francisco and the California Department of Financial Institutions within the next few weeks, people familiar with the matter told CNBC. Thus, Revolut could become the first fintech startup in the United States with a banking license and support for cryptocurrencies..
As a result, Revolut will be able to provide services throughout the United States through interstate agreements, said an anonymous source of the company..
Under close scrutiny
The intention to apply for registration with the California Department of Financial Institutions instead of the Office of the Comptroller of the Currency (OOC) has already raised questions from some industry observers. Before Revolut, the popular American fintech startup Robinhood had already tried to obtain a banking license in the United States. However, in December 2019, the company withdrew the application from the OOC without explaining the reasons..
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At $ 5.5 billion, Revolut already has support for several cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). In mid-May, Revolut hired Credit Suisse employees to expand business services to the Eastern market. The company reportedly plans to roll out its services on a large scale to the markets of Singapore, Japan and Australia by the end of Q4 2020.
Some US states have long been actively cooperating with crypto-oriented projects in order to obtain mutual benefits. In September, the Kraken cryptocurrency exchange received regulatory approval to create a fully regulated bank Kraken Financial to operate digital assets in Wyoming..
At first, the cryptobank will be open only for US residents, and services are available via the Internet and a mobile application..
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