A crypto wallet integrated with Revolut? The neo-bank thinks

Would Revolut follow in the footsteps of? CashApp † After they offered the purchase of US stocks and then cryptocurrencies on their App, only one string was missing from their bow: a wallet. Indeed, the current iteration of the application does not allow sending and receiving cryptocurrencies. But this complaint seems to be quickly resolved as Revolut is working on integrating a wallet into its application. Will Revolut help pave the way for mass adoption?

Revolut the start-up that breaks the codes

Revolut is a British startup that has established itself as the leader of a disruptive phenomenon for the banking sector that appeared in 2015: neobanks. This new generation of banks, 100% mobile, allowed anyone to open accounts in an instant and offered all the services of a real bank, minus the ‘bank advisor’.

At the time, the fossilized banking industry was clamoring for the potential risks of these emerging neobanks. All this while inviting us to the utmost caution and instructing us to leave our money with them. The water has flowed under the bridges and it is clear that history has proved the neobanks right. Because, according to a Deloitte study, 42%of bank customers will use their bank’s app in 2021, compared to 34% in 2019† Which makes us think that the traditional banking system is outdated. Especially since 15% of bank branches are destined to disappear by the end of 2024

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A failing banking sector

Revolut therefore took part in the dead cat bounce of this aging player, the traditional bank. This fierce competition has still pushed the industry to provide a decent digital experience to their users.

Revolut then offered its customers the purchase of US stocks and cryptocurrency with just a few clicks. So we might think Revolut’s thirst for ambition would eventually dry up, just like it did for N26. But it’s nothing.

Revolut indeed seems to want to take on one of the banking sector’s last bastionscredit.Nick Storonsky said he wants to offer a deferred payment service and is also considering offering mortgages, saying home loans are “a pretty big part of consumers’ financial lives.”

The crypto revolution made by Revolution?

Nick Storonsky, CEO of Revolut, wants his app to de
Nick Storonsky, CEO of Revolut

Nick Storonsky, CEO of Revolut, did indeed answer questions from Reuters about the development of the app. The latter said his company is currently working on integrating crypto services within its application.

“For example… decentralized wallets and enabling crypto deposits, withdrawals, staking and lending – that’s another piece we’re missing and working on”

Nick Storonsky, CEO of Revolut

Revolut is therefore said to be working on including a wallet in its application that will allow crypto deposits and withdrawals.

Such an integration would therefore make Revolut one of the major players in online financial services and will, in part, realize its CEO’s will to make Revolut a “SuperApp” of finance.

Will Revolut be able to win against behemoths like? Binance , Coinbase, Crypto.com or Celsius? The future will tell. However, if Revolut succeeds in making the crypto and DeFi experience as enjoyable as they have achieved in banking, mass adoption could be boosted.

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