The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Banking Disruptor Revolut Eyes Expansion in Crypto-Friendly Malta

by Daily Hodl Staff
September 9, 2018
in Blockchain

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.

[the_ad id="42537"] [the_ad id="42536"]

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 Latest News 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.
Submit a Press Release

Industry Announcements

  • Open-Source Blockchain D-Ecosystem Raises $6 Million Ahead of IDO on March 29, 2023
    March 27, 2023
  • Bitget Becomes the First Centralized Exchange To Offer Financial Transparency Through Space and Time
    March 27, 2023
  • OKX Launches Turkish Lira Deposits and Withdrawals
    March 27, 2023
  • Cardano’s Top NFT Marketplace JPG.Store Announces Plans To Empower More Artists Globally
    March 27, 2023
  • Narwhal Finance Secures $1 Million in Seed Funding Led by Animoca Ventures
    March 24, 2023
  • Sports Prediction App Pooky Launches Full Version of Its Play-and-Earn Game
    March 23, 2023
  • StormGain Launches StormGain DEX for User-Friendly Decentralized Crypto Trading
    March 23, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$27,998.50
$27,998.50
0.49%
Ethereum
$1,767.76
$1,767.76
0.95%
Cardano
$0.352162
$0.352162
2.35%
XRP
$0.467615
$0.467615
0.25%
Dogecoin
$0.073844
$0.073844
1.85%

Spotlight

  • Bitcoin Could Easily Rip by Over 140% Amid Banking Crisis, Says Tether CTO Paolo Ardoino – Here’s the Timeline
    March 25, 2023
  • Coinbase Predicts a Longer Crypto Winter – Cross-Chain Liquidity Can Save the Day
    March 24, 2023
  • $12,000,000,000 Asset Manager Says Investors Flocking to Bitcoin and Crypto Amid Global Banking Fallout
    March 24, 2023
  • Analyst Predicts Ethereum Rival Will Explode by Over 90%, Updates Outlook on XRP, Cardano and Solana
    March 25, 2023
NBX Warsaw Summit Banner
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

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

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl