Category: Finance

Revolut tops 20 million retail customers on seventh anniversary

Revolut, the global financial super app, has surpassed 20 million retail customers worldwide, and is now processing over 250 million transactions a month. Both achievements come as Revolut celebrates its seventh anniversary.

Revolut is continuing to expand its global workforce, topping 5,000 employees globally. Over the past year, Revolut has opened several offices in locations such as New York, Tokyo, Madrid, Barcelona, Paris, Mexico City, Berlin, Budapest and Bucharest. Additionally, new offices in Mumbai and Bangalore are set to open later this year.

Launched in the UK in 2015, Revolut offers money transfer and exchange. Today, over 20 million of its retail customers around the world use dozens of innovative Revolut products including peer-to-peer payments, Saving Vaults, Junior, Stays, and Trading.

In the past twelve months, Revolut has launched a variety of new features including On Demand Pay in the UK, personalised Loans in Ireland, and was named as one of TIME100 Most Influential Companies. With services in 36 countries, the journey continues as Revolut looks to expand into new markets including India, Mexico and Brazil.

Helped by collaborations with influencers over the past year such as Liam Payne, Anthony Joshua, and Simon Wilson, Revolut’s total social media following has grown to over 1.4 million, and it has most recently launched a TikTok account.

Revolut’s top five countries by number of retail customers are:

  1. UK – Revolut’s home market and its biggest with 4.8m customers. The average age of our customers is 39, with 11% of customers being over 55 years old

  2. Romania – 2m customers. With 420,000 users in Bucharest, Romania’s capital city has the most Revolut users of any city in the EU, and second most globally after London. One in three Bucharest residents of working age has a Revolut account.

  3. Ireland – 1.9m customers. A third of the 5m population (and half of adults with a smartphone) use Revolut – and Revolut is used as a verb

  4. Poland – 1.7m customers. Following the launch of dedicated free accounts for Ukrainian refugees, Poland is home to over 50,000 refugee accounts (out of a total of over 170,000 in EU)

  5. France – 1.5m customers. Revolut recently launched local IBANs in France to offer fully compatible accounts in the French market

Nikolay Storonsky, Chief Executive Officer, commented: “Revolut reaching 20 million customers and 250 million transactions a month is another milestone we’re proud of.

“When we started Revolut seven years ago, we wanted to give people more control over their financial well-being through the use of our technology, offering a service that addresses all their financial needs in one place. We are still a young business, but our growth over the last few years shows the increasing demand for our products all over the world. 

“As important as this milestone is, we are still at the start of our journey and intend to keep pushing the boundaries of financial innovation to build the world’s first global financial superapp. This is just the beginning…”

Vlad Yatsenko, Co-founder and CTO, commented: “In just seven years, Revolut has grown exponentially. We are now more than 5,000 strong, with new and long-standing staff helping to deliver for our customers on a daily basis.

“Today’s announcement, as well as the company’s seventh anniversary, is one to savour and enjoy, but it is also evidence that there is still so much to achieve in this space. We remain focused on developing new and innovative products for our customers, and look forward to celebrating the next milestone in the near future.”

Things you should consider before buying mining hardware

Cryptocurrency has become one of the unique trading assets in the global digital market. Today, most investors and commoners want to invest their money in cryptocurrency in the hope of enormous profit. Numerous people made millions of dollars by investing in popular cryptocurrencies like BTC and ETH. The virtual currency sector’s popularity is increasing internationally because of its numerous use cases. Visit website to obtain specific details about mining hardware. 

Furthermore, cryptocurrency offers decentralized networks to their users where no third party can get involved. You can also use these virtual tokens as a medium of exchange in return for numerous services and goods. Many merchants across the international borders accept BTC for offering their services because it is one of the most secured networks in which there is no fear of theft. Investors are also using BTC for trading, mining, etc. It is a fact that you can generate the new crypto token in circulation through mining. 

Mining will not work in the case of every crypto-token, but some of them developed on the blockchain can be generated. For mining, you must purchase sophisticated machinery and software that are truly expensive. Digital platforms offer a wide variety of ASIC or mining rigs to miners, and you can choose any of them by focusing on your budget. The below-mentioned portion will discuss some factors that can help you choose the most efficient mining hardware. 

Price of hardware

Price is the most prominent factor you should consider while choosing mining hardware. It is a fact that the price of mining hardware is directly related to its effectiveness, and it will lead to providing more power for solving complicated problems. Hardware or computer power plays a significant role in mining, and high-powered hardware increases the chances of creating a new block by finding a hash. 

Regardless of its efficiency, you should focus on your pocket and purchase mining hardware you can easily afford. A tremendous amount of power is required to decode complicated math problems, and a powerful computer will make your work easy. Furthermore, as the competition in the mining field is inclining, finding a new hash is getting more and more difficult. Therefore, once you make your pocket tight while buying mining hardware, you can make more money through mining. 

Productivity

You can also choose mining hardware based on its productivity. You might know that high productivity leads to more electric power, which can be expensive. If you are in shortage of resources, you should use only that hardware that can help you save energy. So, you can continue mining for an extended period with the same efficiency. As you will generate more cash, you can increase the use of power to make more money. 

Generation of hash power

If you know a bit about BTC mining, you might be familiar with ‘hash power.’ It refers to the ability or power of mining hardware, which shows whether it can solve complicated math problems. Reaching the required hash power level is necessary to create a new block and verify it in the blockchain. 

So, you are required to choose that hardware that has the potential to generate the necessary amount of hash power, but not everyone can afford it. To overcome this complication, you can join a mining pool that can help you in mining with limited resources. A mining pool refers to a group of miners with a similar goal of creating a new block. 

Every mining pool member combines their resources, which makes mining pretty affordable. Yes, it will decrease the per head amount of reward, but it offers you affordability. The amount of minted BTC will get distributed similarly in which resources are combined. Some of the most popular mining ASICs are mentioned below. 

Antminer S5

Developers of Beijing developed this technology using advanced mining technology, which is worth your money. But, on the other hand, Antminer S5 will consume a minimal amount of electricity, approximately 115 voltage power. 

Antminer S7

Antminer S7 is one of the most efficient Chinese mining hardware, which offers you the facility to modify the amount of power supply while mining. In addition, a cooling chamber is pre-fixed in this hardware which can prevent the overheating problem.   

Why Is Crypto Education Important For Effective Trading?

Developers introduced the technological concept of cryptocurrency in 2009 through the formation of BTC. Initially, some people were aware of the potential of these digital tokens. According to developers, the foremost motive of building a digital and decentralized currency network is to use it as a medium for daily transactions. Due to its decentralized network, anyone can access this monetary system from any point across the world without any interference from the government. For effective trading, you should go for Bitcoinx.

The development of cryptocurrency leads to building a unique branch of the digital market that you can use for many different purposes. The crypto market offers you trading opportunities and uses them as a cryptographic asset. People are generating a tremendous profit by crypto trading in these virtual currencies, which don’t have physical existence. Because of its highly volatile nature, you can also change for the short term in the crypto trading market. 

You will be able to make a significant profit by taking the benefit of short-term fluctuation in the value of cryptocurrency. However, firstly, you should learn about the concept before investing your money because it involves significant risk. Today, plenty of platforms are offering crypto education which can help you in the best way to make a profit through crypto.       

Solution of existing financial system’s problem 

As mentioned before, the concept decentralized cryptocurrency network was invented by developers to fix the centralized economy of fiat currency at the global level. This concept of cryptocurrency is based on blockchain technology, which is one of the most secured networks in which data is stored within the computer network. In addition, a virtual currency offers tons of unique features, which makes it far better than the traditional banking system. 

Some prominent drawbacks of the traditional banking system are slow transaction fees, high commission fees, and lack of privacy. On the other hand, the crypto network will only consume a few of your seconds for validating the transaction is a minimum brokerage fee. Stealing information from a blockchain network is impossible because every transaction will be conducted using a wallet address. It is impossible to track your ID by using your wallet address. 

So, this network provides you privacy with every transaction conducted within the network. According to investors’ opinions, cryptocurrency is the future of the global monetary system.  

Crypto payments are becoming a mainstream payment mechanism. 

As the use of technology increases at the international level, the popularity of cryptocurrency is inclining in every economic sector. As a result, thousands of multinationals and local companies around the globe have successfully adopted this network as their payment mechanism. Plenty of famous companies like Microsoft, KFC and many more accept crypto tokens in return for their services. 

Crypto networks have the potential to develop a decentralized payment mechanism which can be accessed by everyone at any time regardless of their locality. You might wonder that El Salvador has successfully named cryptocurrency as fiat currency, and every merchant in that particular country accepts payment in the form of cryptocurrency. 

Crypto education will help you learn the potential of crypto tokens, which can also help you effectively trade and make more money. Even centralized authorities like the government and banking system know about the decentralized payment network. 

Why invest money in crypto?

Crypto education will also explain why you should invest your surplus money in this market. According to the developers, investing cash in the crypto market is genuinely advantageous because of its potential at the global level. In addition, some international traders consider cryptocurrency one of the most prominent and influential ways of making international transactions because of its decentralized network. 

With a decentralized network, any country’s central authority cannot raise any conflict regarding crypto transactions. The volatility of cryptocurrency in terms of value can help you generate a significant profit with short-term trading, also known as day trading. Day trading will prevent you from the extra cost of holding investment because you will buy or sell the asset within a day. So, there will be no overnight holding charge in this type of trading. With the help of crypt education, you will understand and analyze the market chart, which will yield fruitful results in your future crypto investments.     

Impact of NFT technology on banking and payments!

There has already been a lot of discussion regarding cryptocurrency and Blockchain technology. But, today, the scenario has been changing, and people are shifting toward non-fungible tokens. Yes, the non-fungible token is becoming one of the most critical investment opportunities for many people worldwide. Therefore, they are exploiting it to the highest possible limits. If you are also willing to invest in non-fungible tokens in the coming future, you will perhaps require a lot of knowledge about it from the https://nft-code.io/. But, we should also know about the most critical impact of the non-fungible tokens on the different aspects of our global economy. First of all, we are required to know how it will differentiate the banking and payment infrastructure that we know it as today.

Even though the non-fungible tokens are quite a popular point of discussion nowadays, many people are still unaware of them. It is because of a lack of their knowledge, and also, they are not much of prominent internet users. But, regardless of what others are doing, you are not required to remain under the rock. You should know that cryptocurrencies are as crucial as nonphysical tokens, and therefore, you should know about both these aspects. Here is the most critical knowledge based on this topic. Therefore, we will be enlightening about the direct impact of non-fungible token technology on the banking and payment infrastructure.

Faster settlement

An essential thing that the non-fungible token technology will do with the banking system is faster settlement. Yes, you might be pretty familiar with the traditional technology, but there is a lot of paperwork, which may lead to delays in the payment settlements. This kind of problem will go with the help of non-fungible tokens and technology. It is due to the fact that it is empowered through blockchain technology. The faster transactions have been one of the most crucial features of the blockchain, and therefore, the non-fungible tokens can prove to be one of the most significant turning points in this. So, you should know that the non-fungible tokens will make the first settlement possible in the banking infrastructure.

Proof of payment

Today, people send money from one place to another more open than earlier. So, there is also a requirement to prove every payment we make. However, this is quite difficult for anyone to prove that he has made a specific payment to someone else in the world, and therefore, many scams are taking place. This problem needs to be eliminated as soon as possible, and this is only possible with the help of non-fungible token technology. Proof of ownership is one of the essential characteristics of non-fungible tokens. Therefore, it can ensure that real-time data is accessed to confirm ownership of a particular transaction.

Easy access to information

Easy access to information has also been one of the essential things that the non-fungible token technology will unleash into the banking system. Earlier, when they kept the records on paper, it was pretty difficult for the banking institutions to process transactions and information faster. But now, this needs to be done more than ever before. To do so, the non-fungible token technology can be implemented. If the data is kept in the form of non-fungible tokens, they can be easily accessed as it is available virtually only. Also, the transfer of any data will be faster with non-fungible tokens.

Better infrastructure

The infrastructural changes that non-fungible token technology will bring about in the banking infrastructure can never be overlooked. Earlier, the banking structure was quite outdated, and therefore, there was a requirement for any changes. Well, these changes will be brought with the help of non-fungible tokens. By implementing non-fungible tokens, the technology is going to be highly advanced, and also, and there are going to be reversible transactions. Also, it will be easier for anyone to confirm the ownership of a particular transaction, and things will change a lot. Any data you want to keep in a banking organisation will be done through the Internet and virtual space. It will enhance security and give better control in the hands of the owner. So, things will be beneficial with the help of non-fungible tokens in the banking industry.

Tips On How To Effortlessly Operate Finances When Owning An Online Business

Whether running a physical or an online business, any business owner must understand how to manage their finances. The business owner must educate themselves on how to run some of the financial tasks, including simple accounting tasks, drafting financial statements, and applying for loans. With this, they can create a stable financial future for their businesses, thus keeping away failures. There is nothing terrible than running a business but suffering more costs than income. You need to create procedures that will ensure you manage your finances well. How does one operate finances in an online business?One example to consider is using a reliable check stub template, which allows business owners to easily generate accurate and professional paycheck stubs for their employees. This not only ensures compliance with financial documentation requirements but also promotes transparency and efficiency in managing payroll and overall financial record-keeping.

Here are some tips for managers to stay on top of their business finances, paycheck stubs is one example to look at but see what else is in store below

 

 1. Monitor your Books

While this might appear an evident practice, it’s the most overlooked but important one for every business person. It would be best to plan your finances well and set time to go through your books to see how your business is fairing. With good accounting software, you will know your business finances and how your company is fairing on. You need to know your income, expenditures, and everything else that’s consuming your finances. Here you can find more info on planning and managing your income and expenses, including handling the employee payroll. Also you can try cloud-based payroll system to manage payroll and wages of employees without any error, it is crucial to spend some time making bank reconciliations and reviewing outstanding invoices, even when working with a bookkeeper. Not doing so will make your business overspend or have funds embezzled.

  2. Have A Better Billing Strategy

 

Most online businesses sell on cash. However, some sell goods on credit or offer hire purchase terms. Some of the clients will honour their invoices a bit late. To run any business effectively, you also need to manage your cash flow. Cash-flows enable you to get new stocks, pay your employees and manage your bills. It also ensures your business stays healthy at all times. If you are struggling to sell on cash or collect cash from existing clients, it’s time now to make a move and create a better billing system for your online business. Not doing this will lead to cash flow problems, which might cause your business to fail amid the rising competition. You can change your billing system to cash-only or put a percentage of the amount clients are supposed to pay before checking out.

  3.Invest In Growth

To ensure your funds are utilized well, you need to invest in the business’s growth. Always pump the profits back into the company to see your business grow to greater heights. This will enable the business to stand against the competition and have a healthy cash flow. It will also mean focusing on the future of your business. Any online business that’s willing to grow, attract the best clients and employees, and innovate must continuously invest in growth. With this growth, clients will start appreciating the increased levels, while employees will begin to laud the business for securing their careers. With these appreciations, you will continue seeing your business thriving and staying competitive in the market.

 4.Monitor your spending

 

How much do you spend in a day, week, or month in your business? How do you account for this money? When you don’t monitor your online business spending, you might be losing money on things you don’t know. It leads to overspending on unnecessary items and also misusing business funds. Most businesses will have different accounts, including savings accounts, credit card accounts, and check accounts. It is essential to understand how the money got withdrawn from these accounts and their uses. Also, you need to set up a designated spending account that will cater to small business needs. This will make reconciliation and follow-up manageable at any given time. You can have accounting books that will enable you to know your income and expenditures at a click of a button. 

 5. Stay Top Of Your Deadlines

Every business has its monetary deadliness. It can be the deadlines for paying the business bills, including loans and card payments or employee salaries. It’s crucial to meet this deadliness on time. You have to know when the bills are due to avoid getting penalties and late fees, which might disrupt your business finances. Late payments also lower your business credit and establish a sour relationship with your lenders. To ensure you stay top of the deadlines, you can record when the bills are due or set reminders.  

At any time in your business, you should have a cash reserve. This will ensure emergencies are taken care of in case of a cash crisis in your online business. This, together with the tips provided above, will ensure your business excels well without financial troubles.