Crypto-friendly fintech company Revolut has received approval to launch a full-fledged bank, Revolut Bank UK Ltd, following the lifting of restrictions on its banking license by the UK Prudential Regulation Authority (PRA). This license allows Revolut to offer deposit accounts protected under the Financial Services Compensation Scheme (FSCS) to its approximately 13 million UK customers, with an eligible deposit protection limit of £85,000 (approximately $114,000) per customer. Revolut will roll out the current account to a small group of customers in the coming days and expand coverage within weeks, with existing users undergoing a phased migration over several months. Its cryptocurrency trading service continues to operate through a separate entity within the same app and is not covered by the FSCS. Revolut co-founder and CEO Nik Storonsky stated that launching a UK bank has always been a long-term strategic priority for the company. Furthermore, Revolut recently committed to investing £3 billion in the UK and creating 1,000 high-skilled jobs, while planning to invest £10 billion globally and expand to 30 new markets by 2030. Earlier this month, Revolut also applied for a new banking license from the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation.