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Revolut secured a Markets in Crypto-Assets Regulation (MiCA) permit from the Cyprus Securities and Exchange Commission (CySEC), allowing it to provide regulated cryptocurrency services across all 30 markets within the European Economic Area (EEA).
This initiative strengthens Revolut’s growth in the crypto sector as the fintech gears up to unveil its next-generation “Crypto 2.0” platform, as stated in a news release distributed to Cointelegraph.
“This authorization allows us to provide innovative crypto offerings with improved transparency and confidence for our expanding clientele, while reiterating our dedication to cryptocurrency as an asset category,” remarked Costas Michael, CEO of Revolut Digital Assets Europe.
The MiCA permit permits Revolut to showcase its entire collection of crypto solutions within the regulatory setup. The firm, which caters to over 65 million clients globally, with 40 million based in Europe, will utilize the permit to broaden its crypto trading, staking, and stablecoin services, according to the announcement.
Related: Revolut doubles profits to $1.3B on user growth, crypto trading boom
Revolut’s Crypto 2.0 to provide 280 tokens
Revolut also introduced a collection of new offerings, featuring its next-generation crypto interface, Crypto 2.0, which will present access to over 280 tokens, zero-cost staking with yields up to 22% annual percentage yield and 1:1 stablecoin-to-US dollar conversion without spreads.
“When combined with crypto-enabled Revolut Visa/Mastercard cards, seamless deposit/withdrawal tools, and the low trading fees of Revolut X (0.00%–0.09%), the platform provides one of the most comprehensive and cost-effective crypto experiences in Europe,” the company noted.
Last year, Revolut launched Revolut X, a specialized desktop crypto exchange aimed at seasoned traders. The platform offers trading for 100 tokens with minimal fees and real-time deposit/withdrawal capabilities.
The firm subsequently expanded its crypto exchange in Europe, introducing Revolut X in 30 markets throughout the European Economic Area (EEA). The platform, which now supports mobile access via the App Store and Google Play, has attracted over 14 million crypto users globally, as reported by Revolut.
Related: Pyth collaborates with Revolut for real-time digital asset data
Revolut targets crypto derivatives market
In June, a Revolut representative confirmed that the fintech was enhancing its crypto capabilities, especially for institutional clients, following speculation that it was preparing to enter the crypto derivatives sector.
In May, Revolut disclosed plans to invest over 1 billion euros ($1.1 billion) in France and apply for a local banking permit as part of its regional growth strategy.
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