Revolut, a crypto-based fintech firm, has unveiled international payments-based businesses accounts for Australian customers. It’s believed that the firm aims to achieve a banking licence in the country, as stated by Cointelegraph.
According to Cointelegraph, Revolut provides services for clients based in Europe and Asia. Reportedly, the platform provides crypto facilities, along with crypto asset-based transactions around Bitcoin, Ripple, and Ether. For certain places, the platform provides crypto staking-based services.
“A bank licence is still very much part of our plans. To be held to that regulatory standard would give our consumers confidence for the long haul, and would enable products that are in demand from our customers. We’re working our way through that, and it’s a key part of our plans overall,” Matt Baxby, CEO, Revolut’s Australian division, said.
Based on Cointelegraph’s information, Revolut allowed users to perform foreign currency exchange of around 75,000 Australian dollars on a monthly basis. Sources suggest that the accounts comprise of physical and digital cards, real-time spending reports and management by many users.
“What we hear a lot from them is that they really want a solution that allows them to do business overseas. And we have a lot of European customers who have Australian subsidiaries and vice versa, so we think we’re going to get quite a lot of traction with that,” James Gibson, general manager, Revolut Business, informed The Australian.
(With insights from Cointelegraph)