The Daily Hodl
Ledger Nano S - The secure hardware wallet
  • HodlX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • FEATURES
    • News
    • Bitcoin
    • Altcoins
    • Trading
    • Blockchain
    • Regulators
    • Finance and Economy
    • Cryptoculture
    • Scams
    • Mining
    • Crypto 101
  • Crypto Livewire
    • Press Releases
    • Submit
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • THE FUTURE
    • $3.1 Trillion Blockchain Future
    • 6,000 Stores in South Korea
      to Accept Cryptocurrency
    • 80,000 EU-based Merchants
      Can Accept Bitcoin
    • World’s Biggest Brands
      on the Blockchain
    • Despite the FUD,
      Bitcoin Adoption Is Surging
    • Japan Leads Corporate Crypto Bandwagon
    • Mainstream Crypto Payments in UK by 2020
    • Bitcoin Buys Two Condos in New York
    • World’s Smartest City
  • Submit
    • Guest Blog
    • Press release
    • Sponsored post
    • Crypto announcement
    • Personal crypto project
    • Guide or tutorial
    • Infographic
    • Opinion
  • Advertising
Close
The Daily Hodl
Close
  • HodlX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • FEATURES
    • News
    • Bitcoin
    • Altcoins
    • Trading
    • Blockchain
    • Regulators
    • Finance and Economy
    • Cryptoculture
    • Scams
    • Mining
    • Crypto 101
  • Crypto Livewire
    • Press Releases
    • Submit
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • THE FUTURE
    • $3.1 Trillion Blockchain Future
    • 6,000 Stores in South Korea
      to Accept Cryptocurrency
    • 80,000 EU-based Merchants
      Can Accept Bitcoin
    • World’s Biggest Brands
      on the Blockchain
    • Despite the FUD,
      Bitcoin Adoption Is Surging
    • Japan Leads Corporate Crypto Bandwagon
    • Mainstream Crypto Payments in UK by 2020
    • Bitcoin Buys Two Condos in New York
    • World’s Smartest City
  • Submit
    • Guest Blog
    • Press release
    • Sponsored post
    • Crypto announcement
    • Personal crypto project
    • Guide or tutorial
    • Infographic
    • Opinion
  • Advertising
Banking Disruptor Revolut Eyes Expansion in Crypto-Friendly Malta
Share:
Blockchain September 9, 2018 Daily Hodl Staff

Banking Disruptor Revolut Eyes Expansion in Crypto-Friendly Malta

 

Digital banking alternative Revolut plans to challenge banks in Malta by targeting 60,000 Maltese customers by the end of the year. The startup also plans to extend its rapidly growing mobile app business into commission-free trading for stocks, exchange-traded funds and options.

London-based Revolut already has 25,000 customers in Malta, reports Malta Today, roughly 6% of the population.

The company’s CEO Nikolay Storonsky says, “The big banks in Malta have been taking advantage of their customers for years with endless banking fees and crappy technology.” Prime Minister Joseph Muscat, who worked toward establishing a clear regulatory framework for fintech startups, blockchain entrepreneurs and several cryptocurrency exchanges that have relocated to Malta, such as Binance, OKEx and Bitbay, is welcoming Revolut with open arms.

Welcome to #Malta @RevolutApp -JM

— Joseph Muscat (@JosephMuscat_JM) September 7, 2018

Revolut is just getting started. Storonsky says it’s opening over 7,000 new accounts each day in addition to lining up 60,000 customers on its waiting list for the US launch.  It offers users a way to make free international money transfers and free international ATM withdrawals, and to spend fee-free globally with the real exchange rate. Storonsky says that Revolut is “here to end the party for the bankers” and a financial system that’s designed around commissions and fee-charging intermediaries.

The conversion of traditional banking customers in Malta is part of Revolut’s larger strategy of using the power of fintech and mobile devices to flip the international financial banking industry upside down. Revolut has major appeal for Millennials who use smartphones and tablets for everything from social media to trading to checking bank balances and watching videos.

According to a global study by ING, mobile banking has exploded in recent years. Currently, 76% of US consumers check their balance or last transaction on a mobile device, compared with 18% who use their laptops or desktop computers. In Australia, 68% check on mobile compared to 29% on desktop. Consumers checking balances through bank visits are 6% and 3%, respectively. The European average for checking bank balances also heavily favors mobile at 65%, with 32% on desktop and 3% making bank visits.

Join us on Telegram

The mobile-banking trend is spurring the epic rise of fintech startups such as Revolut and US-based Robinhood, as they effectively move banking away from physical locations to mobile apps, challenging retail bank branches the way Netflix challenged Blockbuster.

Launched in 2015, the European company reports that it has three million customers who have sought out alternatives to traditional banking, generating Revolut’s $22 billion in transactions to date and saving customers $740 million in fees.

Like Robinhood, a commission-free trading platform with five million users, Revolut announced in June that it plans to launch a commission-free trading platform for ETFs, options and stocks from British and US listed firms. Both Robinhood and Revolut already offer cryptocurrency services. The Revolut app allows users to buy, hold and exchange major cryptos such as Bitcoin, Ethereum, Litecoin, XRP and Bitcoin Cash with 25 fiat currencies. Robinhood Crypto, a commission-free crypto trading platform, was launched in February.

As both companies keep pace with shifting consumer behaviors, they’re expanding the digital economy ecosystem and effectively forcing incumbents to trim the fat from their legacy systems, prioritizing the implementation of new cost-saving, digital strategies.

In October Storonsky will give a keynote speech at the Delta Summit, Malta’s blockchain and digital innovation summit.


Check Out the Latest Headlines


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Tags: News

Crypto Livewire

  • Malta AI & Blockchain Summit Handing Out 100 Free Booths to Startups
    February 14, 2019
  • Wirex Integrates Nano, Providing Seamless Spending Anywhere Visa Is Accepted
    February 12, 2019
  • MiningSky: The Cheapest, Profitable Cloud Mining
    February 7, 2019
  • Altcoin Fantasy OKCoin Contest
    February 4, 2019
  • Malta AI & Blockchain Summit
    January 24, 2019
Submit a Press Release
 
 

Around the web

Ads by Cointraffic Ads by Cointraffic

Spotlight

  • Deep Dive: Litecoin Founder Charlie Lee Explores Tech to Tackle Crypto Privacy
    February 5, 2019
  • Wall Street Strategist Reveals Bullish Bitcoin Forecast, Plus Ripple and XRP, Tron, Litecoin, Ethereum, Stellar, Cardano, IOTA: Crypto News Alert
    February 10, 2019
  • Bitcoin Breakthrough: Investors Can Now Buy Apple, Amazon and Google Stock Through Bitcoin Blockchain on Abra’s Crypto App
    February 6, 2019
  • Ripple Targets China’s $67 Billion Remittance Market, Plans to Open New Office in Shanghai
    February 2, 2019
Cryptocurrency news and analysis, covering Bitcoin, Ethereum, altcoins and the blockchain
  • Altcoins
  • Bitcoin
  • Blockchain
  • Crypto Livewire
  • Crypto101
  • Cryptoculture
  • Finance and Economy
  • HodlX
  • Mining
  • Regulators
  • Scams
  • Trading
DailyHodl

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

 JOIN US ON TELEGRAM

COPYRIGHT © 2017-2019 THE DAILY HODL

We use cookies to give you the best online experience possible. By agreeing you accept the use of cookies in accordance with our cookie policy. I Accept