London-Based Fintech Startup Planning to Launch a Debit Card

[coinpediaJordan]

Revolut, London-based fintech startup is launching a debit card. It provides users 1% cash back in cryptocurrencies. The news was reported by Business Insider and published after Revolut became a so-called unicorn. A unicorn is tech giant that privately held startup and is valued at more than $1 billion.

Read news here: https://coinpedia.org/news/fintech-startup-planning-launch-debit-card/

[Clara.Wilfred]

I think this is the kind of infrastructure desperately need to see the space grow. At the moment crypto is in the equivalent of a car in 1890 limited in speed by the lack of roads. We need to build metaphorical roads! The infrastructure projects are what I get most excited about. With this project specifically I think if they are quick enough they could be successful all I worry about is the introduction of LITEPAY. However you would think there would be space for more than one so I keep and eye out to see if they gain any traction

[wandino]

Revolut, London-based fintech startup is launching a debit card. It provides users 1% cash back in cryptocurrencies. The news was reported by Business Insider and published after Revolut became a so-called unicorn. A unicorn is tech giant that privately held startup and is valued at more than $1 billion.

Read news here: https://coinpedia.org/news/fintech-startup-planning-launch-debit-card/

This is going to be a great push. Look forward to this

[yojodojo21]

I hope that this project will be a guide to newcomers to start trusting crypto currency, However, news like this and some sort of infrastructure starts to move forward in some part of first world country. Hoping also to hear some of this in other denomination.

And I believe this should be moved to legal section. Correct me if I am wrong.

[WindWu]

wondering how that works.
so if i spend 1BTC on retail, i will get 0.01BTC back in my account?
how are they getting the BTCs to give out? mass purchase on open market?

[wandino]

 The step towards cryptocurrencies is putting Revolut at the great difference. Revolut is aiming to replace conventional bank accounts and claims to develop $1.8 billion in transactions each month. It has established banking industry after major lenders disclosed to stop customer purchasing Bitcoin and other cryptocurrencies with their credit cards.

[buwaytress]

Oh that's strange. Pretty regular Revolut user here and I somehow missed this piece of news! I know they've been pursuing a banking licence in Lithuania for the past half year, so I guess they've either obtained it already or got it somewhere else. A crypto debit card has really been the last piece of missing vanity tools I've been looking for, though I'll have to really suss this card out to see if it's any different from the past providers' offerings.

The hot/cold relationships with Visa and MC over Bitcoin just doesn't give me much enthusiasm at the moment. And once the UK fully (if ever) extricates itself from the EU, though, I wonder about the implications.

[wuvdoll]

I think this is the kind of infrastructure desperately need to see the space grow. At the moment crypto is in the equivalent of a car in 1890 limited in speed by the lack of roads. We need to build metaphorical roads! The infrastructure projects are what I get most excited about. With this project specifically I think if they are quick enough they could be successful all I worry about is the introduction of LITEPAY. However you would think there would be space for more than one so I keep and eye out to see if they gain any traction

Yeah, we really need this,a lot in this space and for one; as long as we keep seeing developments like this coming up, the possibility of seeing mass adoption in no time will be inevitable. nevertheless, based on what you are saying with respect to your worries, it is a huge world and they will all obviously be coming with their own services and as long as there is even competition, it makes it easy for the consumers and users to get the best of the space. It is a good thing as far as I am concerned.

[bitbunnny]

It's been a silence for a long time on this field.
After Visa and Wave Crest issues many well know debit card providers pulled back saying they are looking for new solutions but the new players didn't appear on the market.
I think cryptocurrencies debit card markets has a huge potential and it's something that definetely has a future but currently there is a big hole that should be filled and many users are eager for such kind of service so I.hope soon we will see growth on this area.

[gentlemand]

Since you can't withdraw or deposit crypto on Revolut I presume you're only given a crypto credit. Cool, but not quite the same thing.

It's been a silence for a long time on this field.
After Visa and Wave Crest issues many well know debit card providers pulled back saying they are looking for new solutions but the new players didn't appear on the market.

My GBP card from Wirex arrived today provided by a new operation so they're slowly emerging again. And as above, Revolut isn't a crypto debit card. You can't deposit BTC and get fiat back. It's fiat all the way. You can park your fiat in crypto held by them but you can't ever directly access it.

wondering how that works.
so if i spend 1BTC on retail, i will get 0.01BTC back in my account?
how are they getting the BTCs to give out? mass purchase on open market?

It's for fiat. Why would you need a card to spend BTC?

[SunJAB]

It's been a silence for a long time on this field.
After Visa and Wave Crest issues many well know debit card providers pulled back saying they are looking for new solutions but the new players didn't appear on the market.
I think cryptocurrencies debit card markets has a huge potential and it's something that definetely has a future but currently there is a big hole that should be filled and many users are eager for such kind of service so I.hope soon we will see growth on this area.

What service is everyone eager for? Can you say more about this? I'm also curious and eager for that? I also believe this will grow.

[mekie]

I have had a look at their site, and their exchange rates-the exchange rates are not that great for example £1=67.29 Philippine Peso with Kabayan remit the rate is £1=67.60, now even allowing for the fees Kabayan charge unless you are transacting large amounts they are not competitive. The one very very big advantage is it's link to bitcoin either etc, looking at today's rate with them it is 1BTC = £ 4874.90.

This is a prepaid card so you can't spend more than you have on the card.  There appears to be the possibility to take out personal loans at reasonable rates.

Altogether a very interesting development.