British digital bank Revolut obtains banking license in the UK

ChainCatcher news, cryptocurrency-friendly bank Revolut has obtained a banking license in the UK after more than three years of application.

Revolut stated that the London-based company has entered the "mobilization phase" of the Prudential Regulation Authority (PRA), which is designed to allow new banks to operate under restrictions. This approval means it is becoming a mature bank in the UK that has also obtained a license to provide cryptocurrency services.

It is reported that Revolut has allowed buying and selling of cryptocurrencies for several years and launched a separate cryptocurrency exchange for experienced traders earlier this year.