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.
In a bold move to reshape the future of ApeCoin, Yuga Labs has introduced a proposal that would dissolve the existing ApeCoin DAO and replace it with a streamlined management body called ApeCo.
Circle’s arrival on the New York Stock Exchange sent shockwaves through the market, and Cathie Wood’s ARK Invest wasted no time jumping in.
WazirX’s bid to restructure and compensate victims of a $230 million hack has been rejected by the Singapore High Court, putting the exchange’s recovery roadmap in limbo.
Fundstrat’s Tom Lee believes that lingering caution in the stock market could actually be setting the stage for another bullish breakout.