The Daily: Revolut to Launch in North America, US Startup Presents Telegram Alternative

Digital bank Revolut is planning to expand its operations in America and Russia. Also, payment card provider Fuzex signs an agreement with Dash, a US-based startup offers an alternative to Telegram, and crypto firm Smart Valor receives approval as a financial operator in Switzerland.

Also read: Robinhood Aiming for IPO, Dodgers to Give Away Crypto Tokens

Revolut Enters Markets in America, Canada, Russia

Besides the debit card, Revolut offers through its app a checking account and the ability to transfer and spend fiat money globally using an exchange rate excluding forex fees. The service also features a crypto wallet and supports buying, holding and selling cryptocurrencies. The company claims the assets are kept offline, in a cold storage. In August, the digital bank launched a contactless card, Revolut Metal, which comes with higher withdrawal limits and offers cryptocurrency cash back on purchases.

Earlier this summer, this British startup with Russian roots announced its intentions to enter the Russian market, promising to issue multicurrency cards and offer low-cost, bank-free services by the end of 2018. The company plans to use the platform of the Russian payments processor Qiwi and abide by the local law which requires implementing identity verification procedures (KYC). According to media reports, Revolut’s Russian card will support payments and transfers in 130 currencies and worldwide ATM withdrawals.

Fuzex to Add Support for Dash

Fuzex cards will come equipped with a chip, a magnetic strip, and will also feature an e-paper screen that allows holders to check their balances and switch between up to 30 credit, debit, reward and cryptocurrency accounts. The platform supports a mobile application as well, which allows users to move funds between various accounts.

American Startup Offers Telegram Analogue

According to its developers, besides allowing encrypted communication, the product can also serve as a platform for decentralized apps. The free application is already available for iOS and Android users. A paid version of the messenger will be offered in the future. It’s worth noting that the Stealthy logo, depicting a white paper plane on a light blue background, strongly resembles that of Telegram.

Crypto Firm Smart Valor Approved as Financial Operator in Switzerland

The approval of Smart Valor as a financial intermediary means the group will be supervised for compliance with Switzerland’s anti-money laundering (AML) rules and regulations. However, it will not be directly supervised by the Swiss Financial Market Supervisory Authority (FINMA) but by the Financial Services Standards Association (VQF), a self-regulatory organization approved by the watchdog to deal with AML compliance. Smart Valor is already a member of the association.

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