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Deep Tide TechFlow News, March 11, according to The Block, Revolut has received approval from the UK Prudential Regulation Authority (PRA) to officially open Revolut Bank UK, which will offer deposit accounts protected by the Financial Services Compensation Scheme (FSCS) for approximately 13 million users in the UK (with a maximum protection of £85,000 per person).
The company will migrate users to the new banking platform in phases. Cryptocurrency trading services will continue to operate through an independent entity and will not be covered by FSCS. Revolut also announced plans to invest £3 billion in the UK and create 1,000 high-skilled jobs, with plans to expand into 30 new markets worldwide by 2030.