Bitcoin Friendly Firms Revolut and Robinhood Announce Checking Product

[wry]

On both sides of the Atlantic today there was good news for fans of increasing Bitcoin adoption and integration with existing financial services.

In Europe crypto friendly money app Revolut announced it would start offering banking accounts to its clients.  While it got the license today it is still several months away from being able to offer banking services.

In the USA crypto friendly stock trading app Robinhood announced that it too would offer checking accounts starting in early 2019 that had a very generous 3% interest rate on balances.  Interestingly, it was offering these services NOT with insurance from the Federal Deposit Insurance Corporation (FDIC) that insures banks in the USA but using its Securities Investors Protection Corporation (SIPC) insurance that protects securities dealers.  This has already brought some blow back from regulators.

However, in both cases, I find the news very promising.  Anyway to integrate your traditional financial activities with crypto is a total win for consumers in my mind and will help adoption of Bitcoin.  Imagine if the Euro goes through another crisis like it did in Greece a few years ago, finally people wont be held hostage by the major banks!  While neither of these services are operational yet, they both promise a lot for Bitcoin in 2019!

Do you use either of these apps?  How do you like them?  News like this is exactly the sort of thing that tells me the Bitcoin project, freeing people from their national currencies if they so choose, can still succeed!

Revolut: https://www.coindesk.com/crypto-friendly-money-app-revolut-wins-eu-banking-license

Robinhood:  https://finance.yahoo.com/news/robinhood-launch-checking-accounts-3-211615271.html

[bmg]

Great article wry. 💙 I love reading the Topics you post about news I can never get enough of them. .

I've heard of the RobinHood app but im not to familiar about it but now ill be paying much more attention to find out more.