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Revolut’s cryptocurrency Services are coming earlier than planned due to the fallout in the global economy as more countries undertake quantitative easing.
Revolut cryptocurrency services are now available to all users of the platform. The fintech firm has decided to allow access to its cryptocurrency trading platform earlier than previously planned. The economic fallout of the COViD-19 situation hasn’t abated and as a result of this, Revolut is making its services available to all users on its platform.
The United Kingdom-based fintech unicorn indicated this in an e-mail on April 1st, 2020. Revolut also noted that cryptocurrency accounts and trading will be available to standard account holders for a 1.5 % service fee.
Revolut Cryptocurrency Services Introduced in Response to COVID-19 Situation
Revolut said in the e-mail that the COVID-19 pandemic had caused chaos within the global and individual economies. The company also warned users that now we can “see quantitative easing and currency devaluation happening again right now”. The UK fintech continued explained:
“We had planned to make this official later this year, but in light of recent events, we’ve decided to give all Revolut customers the opportunity to explore different ways of diversifying, including through crypto, right now.”
Many investors fear that the financial independence of the banks is threatened. They feel that the continuous stimulus by world governments is equal to their being “nationalized”. This view is prevalent in the crypto space as well. Many also think that unlimited quantitative easing will also lead to massive inflation in world economies.
Governments have now started to pursue a limitless process of bailing out the financial system every time there is a crisis. it has led to runaway inflation as prices of goods and services in many countries have gone up and is not coming down.
The process referred to as quantitative easing has taken another dimension in the United States. The U.S. Federal Reserve has indicated through comments that it will purchase government bonds as many times as possible.
This process referred to as unlimited QE is now the norm all over the world.
Are Banks Being Nationalized?
According to sources, Caitlin Long who is the founder of the first cryptocurrency bank in the U.S. stated:
“The last vestige of #capitalism [has] died in the U.S. [The] Fed’s monetization U.S. debt is now unlimited. Nationalization of US capital mkts — a process started in 1968 — is now complete. This result was predictable (virus was just trigger).”
Many think that this response is reminiscent of the response of World Governments during the 2008 financial crisis.
Ditto cryptocurrency, startups like Revolut are doing their best to encourage their users to see the flipside. Cryptocurrencies due to their trustless nature and fixed supplies aren’t subject to the vagaries of fiat systems.
This first step is one that is certain to be music to the ears of many within the crypto space. The situation can best be described in one word: Adoption.