Revolut Launches Commission-Free Stock Trades

The British private financial technology company, Revolut, has launched a commission-free stock trading service, as a way to differentiate itself from …

The British private financial technology company, Revolut, has launched a commission-free stock trading service, as a way to differentiate itself from rival banking start-ups such as Monzo and Starling Bank and to “democratize” access to investing.

The service will be available from Thursday, to customers who pay for the GBP 12.99 monthly “metal” subscription service, while the users who use the cheaper premium or the free accounts will have access to it within the next few weeks.

Revolut, which was valued at USD 1,7 Billion in a fundraising last year, is about to become the first European company allowing investors to buy fractions of shares and the app will have no minimum investment size. Revolut ‘s free users will receive three free trades a month and pay GBP 1 per trade for further transactions. Premium subscribers, who pay GBP 6.99 per month, will get eight free trades, while metal subscribers will get 100.

Launching this new service is also a way for Revolut to challenge major trading platforms such as Hargreaves Lansdown which charges up to GBP 11.95 per order, falling to GBP 5.95 for the most frequent traders.

Despite the company’s ambitious goals, the fact that it will initially only offer US stocks, with a trade executed through a partnership with US clearing firm DriveWealth, makes the investments not able to be held within tax wrappers such as stocks and shares Isa or a self-invested personal pension.

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New cryptocurrency Exchange: The PıT, will increase the competitive chances of small investors on …

So far, the company has invested nearly 70 million dollars from funds such as Google Ventures and Lightspeed Venture Partners, today providing a …

With the same infrastructure as the professional systems used by corporate investors, the process of realization of transactions in the market is fast enough to be measured with microseconds, as well as in liquidity will be superior to its competitors. Thanks to the “Mercury” matching engine, which is the work of the company’s long-term R & D work, the operations will take place much faster than the existing exchanges. Thus, small investors will be prevented from damaging the exchanges during transactions due to delays and liquidity problems.

The stock market will enter more than 200 countries and allow transactions between 26 cryptocurrencies. In addition, it is possible to make deposits/withdrawals in USD, EUR, and GBP easily by negotiating with banks in the countries where it is operating. All other important altcoins will be regularly added to major cryptocurrencies such as BTC, ETH, BCH, LTC, USDT and PAX on the stock exchange. The PıT Exchange, which deals with major market makers from around the world, will allow users to trade in a fair manner without damaging them. With the partnerships made, there will never be a liquidity shortage in the stock market at the same time to trade against the operations of its members, so that the trade losses caused by manipulative movements would be avoided.

In order to develop the company, NYSE has established a special team of people who have transferred from companies such as TD Ameritrade, Google, Goldman Sachs, UBS, Interactive Brokers and Revolut. It took 1 year to develop the infrastructure that could solve existing problems on the market.

The PıT Stock Exchange will work on Equinix LD4, the world’s fastest and most reliable data center, to reach the highest possible speeds. Thus, regardless of the markets, the transactions will take place in milliseconds without any disruption. This new infrastructure, developed for a seamless trade experience, will be accompanied by an extremely easy to use and clean interface. Designed specifically for this stock market in a brand new interface that will allow people to see important information about the marketplace before trading.

Blockchain.com was founded to introduce the world to the future of finance. So far, the company has invested nearly 70 million dollars from funds such as Google Ventures and Lightspeed Venture Partners, today providing a variety of technologies to secure and store cryptocurrencies to millions of people.

About Post Author

Miu Lin

Miu is a journalism major and has been writing as a business journalist for various dailies before joining OBN. She currently writes about blockchain, cryptocurrencies and business news.

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Metro Bank finance director steps down to take new role at Revolut

Metro Bank’s finance director is leaving the embattled lender to take on a new role at fast-growing financial technology group Revolut. David Maclean …

Metro Bank’s finance director is leaving the embattled lender to take on a new role at fast-growing financial technology group Revolut.

David Maclean is joining the digital firm after stepping down from his role at Metro Bank, which has suffered a torrid six months in the wake of a major accountancy error.

Read more:What are the banks doing to help survivors of financial abuse?

His exit marks the latest in a string of recent senior management changes at the high street bank, which last week posted plunging profits and announced the departure of its chair.

According to Sky News, which first reported the move, former Goldman Sachs executive Michael Sherwood is also set to join Revolut as a non-executive director while asset management veteran Martin Gilbert is being touted as the new chairman.

Nik Storonsky, Revolut’s founder and chief executive, said: “Dave brings a wealth of banking and financial services experience to the table and, as we prepare to launch Revolut in new international markets, will play a crucial role in our mission to help improve the financial wellbeing of millions of people worldwide.”

Read more: Metro Bank share price plummets in wake of profit drop and departure of chair

Maclean’s appointment, which comes after Revolut’s finance chief Peter O’Higgins stepped down at the start of this year, is subject to regulatory approval.

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Revolut lines up Metro Bank exec MacLean as next CFO

… financial backing from some of the biggest names in the venture capital industry, including Balderton Capital, DST Global and Index Ventures.

David MacLean, Metro Bank’s finance director, has resigned to join the fast-growing digital bank Revolut, Sky News learns.

A senior executive at Metro Bank is being lined up as the new finance chief of Revolut, the British digital bank which is poised to raise hundreds of millions of pounds to fuel its expansion.

Sky News has learnt that David MacLean, who has been finance director of Metro Bank since 2016, is to join Revolut in the coming months.

His appointment comes after a torrid period for his current employer, which has seen billions of pounds of deposit outflows amid concerns about its financial health.

At Revolut, Mr MacLean, who reports to Metro Bank’s chief financial officer, will take on responsibility for the finances of a fintech company which has itself been forced to respond to stiff challenges to its reputation.

Mr MacLean’s recruitment will form part of a concerted effort by Revolut’s founder, Nikolay Storonsky, to bolster its senior ranks.

Michael Sherwood, the former boss of Goldman Sachs in Europe‎ and one of the City’s most prominent bank executives, is to join Revolut as a non-executive director, while Martin Gilbert, the fund management executive, is being lined up as its new chairman.

The hiring of a new finance chief comes after Peter O’Higgins resigned earlier this year.

Steve Tryner has been holding the role on an interim basis for the last few months.

In a statement issued to Sky News on Monday, a Metro Bank spokesperson said: “We can confirm that David MacLean is leaving Metro Bank to take up a new role.

“We wish him every success.”

Mr Storonsky later said of the appointment: “Dave brings a wealth of banking and financial services experience to the table and, as we prepare to launch Revolut in new international markets, will play a crucial role in our mission to help improve the financial wellbeing of millions of people worldwide.

“We’re excited for Dave to join us later this year”.

From a standing start less than five years ago, Revolut now has close to six million customers across Europe, roughly half of whom are in the UK.

Revolut says it is opening 12,000 accounts every day – equating to four million each year – and has received financial backing from some of the biggest names in the venture capital industry, including Balderton Capital, DST Global and Index Ventures.

A further funding round, which is expected to seek in the region of $500m, is likely to take place later this year amid a race by banking start-ups to raise capital for expansion and regulatory purposes.

Monzo, which is chaired by the former Northern Rock chief Gary Hoffman, announced a £113m fundraising last month which valued it at more than £2bn.

Zopa, another digital player, is also in talks with investors, while Atom Bank has just raised another £50m.

Mr Storonsky recently told Financial News that he would like Revolut to be worth between $20bn and $40bn before it contemplates a stock market listing, which is likely to be several years away.

The new board members’ arrival at Revolut will bolster a line-up lacking big City names, and which has faced searching questions about the quality of its compliance functions.

The firm became mired in a row about claims made in a newspaper article that it had “switched off” an automated system designed to prevent its money transfer system being used to violate international sanctions.

Revolut insisted that the new system was simply being tested alongside existing controls.

The company has also faced questions about alleged links ‎to the Kremlin, which it has vehemently denied.

The Bank of England’s Prudential Regulation Authority recently challenged faster-growing firms under its auspices to adopt more rigorous stress-testing and evidence of greater challenge by board members.

As well as the UK, Revolut operates in Australia and across Europe, with launches in Canada, the US, Japan and Singapore expected shortly.

Sources said its next round of funding was likely to value it at more than $5bn, potentially making it Britain’s most valuable recent tech start-up.

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Croatian Post Offices Flag Off Pilot Project To Convert XRP, Bitcoin and Three Other …

The accepted coins include Bitcoin, Ethereum, Bitcoin Cash, and some other cryptocurrencies. CEO of Bitcoin.com, Roger Ver was the first person to …

Croatia is one country that identifies herself as a crypto-friendly nation. The country has taken another huge step to showcase its support of the blockchain technology as well as digital currencies.

In a press release, the country’s post office announced that its huge network of 1016 post offices would be part of a pilot project to convert fiat into top cryptocurrencies. The tokens that would benefit from this program include XRP, Bitcoin, EOS, Stellar and Ethereum.

XRP (XRP) Price Today – XRP / USD

Name Price
ripple

XRP

$0.309

Zadar Post Office Pilot is Collaborating With Electrocoin

According to the press release:

The goal of the Croatian Post is to offer the possibility of replacing crypto valued in all major settlements and tourist centers in Croatia.”

This post office pilot is supported by Electrocoin, a Croatian firm that has run the affairs of Bitcoin-mjenjacnica crypto exchange since 2014.

The pilot program was set to start on July 15. Both foreign tourists and domestic users of crypto are allowed to change their tokens into fiat. The process was also simplified to encourage more people to use the services.

All the users need to do to use this service is to fill an application form, and scan a QR code to receive cash at the post office. At the moment, only users who have Bitcoin, Ethereum, Stellar, XRP and EOS can participate. Perhaps more options would be added in the future.

This isn’t the first time a post office is offering support for crypto holders.

Similar Projects Have Sprung up In Recent Times

About a year ago, the Austrian post also launched a program that allows users to buy cryptocurrency. The post office partnered with BitPanda and offered users Bitcoin, Ethereum, IOTA, Litecoin, XRP, Dash, Bitcoin Cash, and Komodo. However, this program only covered 400 post office branches in the country.

Also, Eligma launched the Elipay system in May this year. The program was launched in Croatia as well and allows shoppers to pay for their services and goods in cryptocurrency. The accepted coins include Bitcoin, Ethereum, Bitcoin Cash, and some other cryptocurrencies. CEO of Bitcoin.com, Roger Ver was the first person to initiate a transaction using this service in Croatia. He used it to pay for hotel services in Navis Design hotel.

Such Small Steps Lead to Mass Adoption of Cryptocurrencies

The digital revolution has started already and countries like Croatia are at the forefront. Despite the problems plaguing the Crypto industry, analysts believe it can achieve mass adoption. As use cases for coins like XRP and Bitcoin grow, the industry moves closer to adoption. High volatility and security issues have slowed down the process, but more and more institutional leaders are showing interest in cryptocurrency.

Ripple is one of such companies that aim to achieve mass adoption of its native token, XRP. It’s countless partnerships help push the coin. Sadly, the effects have yet to be seen as volatility kicks in.

XRP is trading at $0.310201 at press time. The market cap of the token is $13.29 Billion with a 24 hour volume of $823.41 Million. XRP price has grown by 0.23% in the last hour. The crypto market started the day in the red zone since Bitcoin fell below $10k. The coins appear to be recovering from the recent losses.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she’s not writing, she spends time with her adorable cat, Ginger and works out often.

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