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Crypto-friendly fintech company Revolut announced on March 11 that it has received approval from the UK Prudential Regulation Authority (PRA) to officially launch its authorized bank, Revolut Bank UK Ltd, and is permitted to offer deposit accounts protected by the Financial Services Compensation Scheme (FSCS) with a limit of £85,000 to 13 million UK users. Revolut disclosed that in the coming days, it will roll out current accounts in batches, and existing users will gradually complete the migration over the next few months. The company emphasized that its cryptocurrency trading business will continue to operate through an independent entity and will not be covered by FSCS. (The Block)