Neobank Delists Crypto
- Introduction
- Delist Matic, Solana & Ada
- Lesson
- Hot & Cold Wallet Solutions
Introduction
What is a Neobank?
A neobank is a type of digital bank that operates exclusively online, without any physical branches. Neobanks offer financial services and products similar to traditional banks, such as checking and savings accounts, loans, and payments. However, they differentiate themselves by leveraging technology, user-friendly mobile apps, and innovative features to provide a seamless and modern banking experience. Neobanks often prioritize convenience, transparency, and cost-effectiveness, appealing to tech-savvy customers seeking alternative banking options
Revolut
Revolut is a financial technology company that offers a range of digital banking services. With its user-friendly mobile app, Revolut allows users to manage their finances, send and receive money, make payments, and exchange currencies at competitive rates. The company also provides cryptocurrency trading and investment options, making it a popular choice for individuals seeking a convenient and innovative banking experience. Revolut was established in 2015 by Nikolay Storonsky and Vlad Yatsenko, with its headquarters located in London, United Kingdom. Since its founding, the company has experienced significant growth and expanded its services globally. With millions of customers worldwide, Revolut has established itself as a prominent player in the fintech industry, offering innovative banking solutions and revolutionizing the way people manage their money.
Revolut, a neobank known for its cryptocurrency-friendly services, has announced plans to delist certain digital assets from its platform in the United States. Tokens such as ADA, MATIC, and SOL will be completely removed from Revolut's offering starting in September. The decision comes in response to evolving regulatory developments, with Revolut notifying its U.S. customers about the change and halting the purchase of these tokens. However, users will still have the ability to hold and sell ADA, MATIC, and SOL until September 18th.
Revolut informed its U.S. customers that any remaining tokens will be sold on their behalf, with the proceeds deposited into their Revolut accounts. The tokens will be sold at the prevailing market price at the time of sale, according to the announcement made by the firm.
However, the firm still supports these three tokens in other jurisdictions outside the United States.
The number of supported cryptocurrencies on Revolut varies significantly depending on the location.
Lesson
A mere adjustment in terms and conditions and the enforcement of regulations can have a direct impact on cryptocurrency users who store their tokens in a centralized exchange (CEX). It is crucial to prioritize self-custody as a best practice to ensure the security and control of your digital assets. Remember the mantra: 'Not your keys, not your coins.
Hot 🔥 & Cold ❄ Solutions 😉
Remove crypto tokens from Exchanges and store them in hot/cold wallet. Embrace self-custody and tap into greater control over your assets!
Remember to visit the links below to explore these wallet solutions and choose the one that best suits your needs for secure storage of your crypto tokens.
Cold Wallet:
Hot Wallet:
Reference
Partz, H. (2023) Revolut us to delist Ada, Matic and Sol in September, Cointelegraph. Available at: https://cointelegraph.com/news/revolut-us-to-delist-ada-matic-and-sol-in-september (Accessed: 01 July 2023).