$1,207.80 -0.03%
ETH · 183w

European Bank Revolut raises 66Millions and plan to add crypto-currencies accounts

Former Credit Suisse Group AG trader Nikolay Storonsky is getting $66 million from investors including Index Ventures to help grow his two-year-old banking startup in the U.S. and Asia and enabling it to offer cryptocurrency trading.

His London-based Revolut Ltd. raised the money in a round that included Balderton Capital and Ribbit Capital, according to a statement on Wednesday. Storonsky, 32, will use the funds to expand in Asia and North America, and let customers hold cryptocurrency. He also plans to gather $5 million in crowdfunding from consumers on Seedrs later this month.

Source: Revolut

Revolut, which Russian-born Storonsky founded two years ago with former Deutsche Bank AG technology developer Vlad Yatsenko, makes money from fees on ATM withdrawals and takes a cut from merchant charges on payments in shops. As early as next week, it plans to let customers hold, exchange, spend and transfer virtual currencies such as bitcoin, litecoin and ethereum for free, profiting from the price differences between buyers and sellers as opposed to charging commission.

“Adding cryptocurrencies and the ability to buy and sell them is a big step forward for a financial organization,” Storonsky, who used to trade equity derivatives, said in an interview. “Big banks are looking at us and seeing what we’re doing, for future things they want to add to their product pipeline, but they’re very slow.”

For more on digital startups challenging European lenders, click here

The cryptocurrency sector has lost about a third of its market value since peaking in early June, pushing it into what traditional equity market analysts label as a bear market. Bitcoin, the largest of the digital currencies, is down about 20 percent from its peak of $3,000, reached June 12. Smaller rivals such as ethereum are getting hit even harder.

Storonsky is among former bankers such as ex-JPMorgan Chase & Co. executive...

Continue on
Recent news
ETH -0.03% · · 4h

Mainnet Soft Launch!

Ethereum is at an unprecedented moment in its history — there has never been more usage, more excitement, or more value created. Last year, cumulative transaction fees surpassed Bitcoin, and today…
ETH -0.03% · · 5h

Bigger % Gains in 202X Bull Market: Bitcoin or Ethereum?

Bitcoin is the largest-cap crypto, but is it the best performing? While it may a 'safer' bet than other crypto assets, how does it compare to Ethereum, who has been embedded as the #2 crypto for half ...
ETH -0.03% · · 16h

Ethereum Nears $1,300

All the latests news on Crypto, Blockchain, Bitcoin, Ethereum, Tokens, ICOs, Fintech, and more.
ETH -0.03% · · 17h

DeFi Pulse Farmer Protocol Express

Welcome to the DeFi Pulse Farmer Protocol Express, a weekly recap of APYs and new pools on major protocols, and a weekly highlight on an emerging opportunity!
ETH -0.03% · · 18h

Weekly Action Recap

Your action recap for the week of January 11th, 2021
ETH -0.03% · · 18h

Why PhutureDAO Is The Future of Crypto Indexing

We believe in the power of ‘why’. This piece answers some basic why’s and showcases the reasons PhutureDAO will lead in indexing the token economy. Emerging sectors within the crypto sphere are…
ETH -0.03% · · 20h

What Is Proof-of-Work?

Dec 16, 2020Updated Dec 22, 2020ExplainersProof-of-work is the algorithm that secures many cryptocurrencies, including Bitcoin and Ethereum. Most digital currencies have a central entity or leader kee...