What are cryptobanks
The very concept of “cryptobanks” is quite controversial. Can you imagine banks that do not collect data on their customers? In addition, credit institutions themselves need a license to carry out their activities. So there are already a lot of inconsistencies on one side, and the services of “cryptobanks” on the other.
Banks that are involved with digital assets are divided into “cryptobanks” and so-called “cryptocurrency-friendly banks”. It is the second variety that is mostly found;
Speaking about “cryptobanks”, it is worth noting that most likely they will not have any licenses to carry out activities with digital currency. Thus, de facto they are “crypto” (banks) as they provide all the associated functionality, but de jure they are not “banks” in the sense of fully legal financial institutions as they do not have licenses. The company has since expanded and now operates in all parts of the world;
A Revolut account can be used to make and receive cryptocurrency payments. At the same time, the bank itself acts solely as an intermediary, warning that crypto-assets are not ordinary or even electronic money, so if lawmakers have questions, they will have to solve them themselves.
In addition to buying and selling cryptocurrencies, depositing is also available here. However, not all cryptoassets fall under this service. You can also withdraw money to third-party accounts, but this feature is only available to users in jurisdictions where it is not prohibited.
Cryptocurrencies can also be transferred to other Revolut customers. To do this, all they need to do is install the Revolut App. Staking and referral programs are also available for certain users, where you can earn rewards for bringing in new customers.
Revolut supports 120 cryptoassets, including BTC, ETH and USDT. There is a commission fee for transactions with them, the minimum amount of which is 0.49%. There are five in total and prices range from £0 to £45 a month.
Bitwala
Bitwala is a product from Germany, providing banking services for customers in 29 European jurisdictions. The bank also has mobile versions for Android and iOS.
Bitwala specializes in working with the largest cryptocurrencies: bitcoin and ether