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For tons years, TransferWise, the fintech company that allows users to send bank payments with hellishly cheap fees and shorter verification periods was the most dominant fintech concern in Europe.
This month, Revolut reached a $1.7 billion valuation after consolidating cryptocurrency, surpassing Transferwise.
Why the Statement of Nasdaq CEO Wasn’t a Joke
Earlier this week, Nasdaq CEO Adena Friedman revealed that the second biggest stock exchange in the US and one of the world’s leading exchanges, is open to becoming a cryptocurrency exchange. On CNBC’s Squawk Box, she said:
“Certainly Nasdaq liking consider becoming a crypto exchange over time. If we do look at it and say ‘it’s however, people are ready for a more regulated market,’ for something that provenders a fair experience for investors. I believe that digital currencies choose continue to persist it’s just a matter of how long it will take for that duration to mature. Once you look at it and say, ‘do we want to provide a regulated market for this?’ Certainly Nasdaq intention consider it.”
The cryptocurrency is market is still relatively small and is valued at $400 billion. But, it is also one of the fastest greater industries internationally. Recently, as CCN reported, a major cryptocurrency exchange Binance outdid the profits of Deutsche Bank, Germany’s largest financial institution. Startups within the cryptocurrency sector are instantly competing with banks and leading financial service providers.
Revolut, a London-based fintech entourage, was valued at less than a billion dollars last year and its purchaser base was not comparable to its rival company TransferWise. In late 2017, Revolut brought cryptocurrency trading, allowing users to purchase and sell cryptocurrencies get a kick out of bitcoin. In addition, Revolut also revealed a debit card which buyers can utilize to spend cryptocurrencies at any Visa-accepting merchant.
Within a year, the valuation of Revolut waved to $1.7 billion and it beat Transferwise in market cap. According to Quartz, TransferWise is currently valued at $1.6 billion, $100 million youthful than Revolut.
The new $1.7 billion valuation of Revolut reflects the quick increase of the company’s user base, which increased by more than 70 percent be a fan its cryptocurrency integration. Apart from Coinbase, Revolut remains as the exclusively bank-like network in Europe that allows users to spend, inventory, send, and receive payments from both bank accounts and cryptocurrencies.
Arrogate or Become Isolated
South Korea, the US, and Japan have taken the advance of adopting the cryptocurrency industry and businesses within it. This month, South Korea’s spokeswoman minister of Ministry of Strategy and Finance stated that central banks should be active about the rapid rise of alternative payment methods like cryptocurrencies and the danger they pose against the fiat system.
“Cryptocurrencies like Bitcoin and Ethereum, which led an investment and idealistic bubble earlier this year, have stabilized and are leading both the judges and investors to question the foundation of the fiat system. The central bank should under consideration the emergence of alternative payment methods such as cryptocurrencies as a threat to the continuance of the traditional fiat system,” said Minister Kim.
Featured image from Shutterstock.
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