On July 25, non-bank Revolut announced that it had received a restricted banking license from the UK's Prudential Regulation Authority (PRA), which oversees the banking sector.
This license puts Revolut in the mobilization phase where the platform will work towards achieving fully operational banking services.
The license allows the company to be able to build its financial infrastructure before it begins formal operations as a bank.
It allows Revolut to test its systems while gradually introducing new services.
Francesca Carlesi, Revolut’s UK CEO, highlighted the company’s commitment to improving financial services in the UK.
Revolut, known for its innovation in the crypto sector, recently launched Revolut X, a new crypto exchange for retail customers. The company reported over $2 billion in revenue and $545 million in pre-tax profit for the previous year.
Anchorage Digital, a federally chartered crypto custody bank, is urging its institutional clients to move away from major stablecoins like USDC, Agora USD (AUSD), and Usual USD (USD0), recommending instead a shift to the Global Dollar (USDG) — a stablecoin issued by Paxos and backed by a consortium that includes Anchorage itself.
Ethereum co-founder Vitalik Buterin has voiced concerns over the rise of zero-knowledge (ZK) digital identity projects, specifically warning that systems like World — formerly Worldcoin and backed by OpenAI’s Sam Altman — could undermine pseudonymity in the digital world.
A new report by the European Central Bank (ECB) reveals that digital payment methods continue to gain ground across the euro area, though cash remains a vital part of the consumer payment landscape — particularly for small-value transactions and person-to-person (P2P) payments.
Geopolitical conflict rattles markets, but history shows panic selling crypto in response is usually the wrong move.