Global crypto asset management platform Kassio offers investment solutions. The investment solutions are like earning, borrowing, shopping and trading, on Monday announced its India launch.

Established in 2020, Kassio was co-founded by Sachin Singh, Anuj Yadav and Bharat Vivek. They have over 10 years of experience in building technology and product-based ventures and expertise in crypto solutions and products.

With its beta version going live at the beginning of April, Kassio has received over 30,000 applications on its platform. As per the company, more than 60% of these applicants have already registered and verified. Also, they are registering more options on the platform and are currently using different Kassio products.

Speaking on the launch, Bharat Vivek, co-founder and chief operating officer of Kassio, said, “We are an all-season crypto solution. Moreover, we are starting from trading to managing digital assets in all market conditions. Our earn product allows users to earn compounding growth on their assets even in the current market crash. However, borrowing product allows users to create liquidity without losing their price positions.”

Furthermore, Sachin Singh, co-founder and chief executive officer of Kassio said, “The global crypto industry may reach $4.94 billion by 2030. With our vision to be the pioneers in managing the complete bouquet of crypto financial solutions with crypto as an asset class. Also, we are creating a safe & legally compliant platform. By empowering users to spend crypto in their daily lives, we aim to create a unified solution”.

Read More: The Bill of U.S. Senator Lummis integrates cryptocurrencies into the financial system!

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The firm, which provides mobile app-based current accounts as an alternative to physical banks, has been referred to by some as a “tech superstar”.

Why is Revolut so controversial?

But before that, let’s understand what Revolut is? 

What is Revolut?

Revolut offers a range of digital banking services in a mobile app targeted at young, tech-savvy users, including:

• Transferring money abroad in 29 currencies
• A pre-paid debit card that enables cash machine withdrawals in 120 countries
• A cryptocurrency exchange allowing users to convert currencies into Bitcoin, Litecoin, Ethereum, Bitcoin Cash or XRP
• Vaults for budgeting and saving money
• Mobile phone and overseas medical insurance

Users get a free UK current account and a free euro IBAN account with standard accounts. There are no fees on exchanging in 24 currencies, up to £5,000 a month. Also, you can withdraw up to £200 a day and up to £3,500 a day on Revolut Metal plan, from cash machines.

Revolut also offers monthly subscription plans with higher thresholds for no fees, as well as instant access to crypto-currencies, cashback, cash withdrawal, travel and concierge service.

Why has Revolut been in the headlines so much?

In February, Revolut launched an advertising campaign featuring an ad that highlighted the number of people who ordered a takeaway meal for one on Valentine’s Day in 2018.

The ad, which asked, “You ok, hun?” sparked a backlash on Twitter. Revolut has done “shaming” single people and being both “intrusive” and “tone-deaf”.

In February, the Telegraph said that in the summer of 2018, Revolut disabled a system designed to automatically halt transactions to individuals who matched against sanctions lists.

Sanctions lists contain the names of individuals whose assets have been frozen and include those connected with chemical weapons violations as well as members of the Islamic State.

The system flagged the transaction for inspection but still allowed it to go through.

Revolut told the BBC: “At no point did Revolut stop checking transactions for sanctions compliance last year. Nor was there any failure in our sanctions screening procedures.”

Our Experience with the Revolut

Our personal and business experience with Revolut is scary, as they blocked our paying accounts. It’s crazy but suddenly, they deactivated our company account that was connected to the website CryptoUpdate.io

With this blocking activity, We cannot pay salaries to our employees. Currently, we have 2 employees from Ukraine. We trying to support the Ukrainian people somehow by giving them jobs. 

Back to the story, Revolut just deactivated our company accounts and blocked all payments and cards. 

Moreover, the company account was live for 4 months and everything was working perfectly, but today we just got blocked without any reason. We tried to contact Revolut support by chat to know their narrative or at least to explain why they deactivated the account, but they refuse to answer this question. Even we asked for the contact of the top manager or director or at least asked them to contact us back by phone or by email, but they refused this request as well.

So, now we can confidently say that Revolut and Revolut Business is not a bank and does not comply with European financial laws. It’s just a cheap finance company that is doing what they want, and it’s against the EU laws as they can deactivate the account without any reason and block payments, transfers, cards, exchanges etc.

Furthermore, they left us with the only option to exchange money for the company’s local currency (even not to euro) and send it via bank transfer within 60 days.

Not Suitable for Anyone!

People who are reading this on the Crypto Update are highly NOT RECOMMENDED to use Revolut for Personal or for Business purposes. The Behavior of Revolut is not politically correct and is against the financial EU laws.

To conclude, we can say that Revolut set up a monopoly and did what they want. Opening an account with Revolut is highly risky, as they can block it at any time without any reason. Clients cannot trust Revolut.

Imagine that you went on a vacation to another country and your card was suddenly blocked.

The post Revolut Deactivated / Blocked My Account- Here’s What Happened? appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

The company offers the low-interest with the immediate loans to the users. However, in its exchange, the users may use the crypto as already own like collateral for claiming the loan.

Feature of Crypto Utility and Kassio

Sachin Singh, the co-founder and CEO of Kassio says that it is successful round of funding. The round is the testimony to strength of the project Kassio. The roadmap, Innovation, offerings which brings together the crypto investment & features of crypto utility.

The company provides the crypto card to the users and also the users of card enables to spend the cryptocurrency on regular basis on different products and goods. While crypto is next kind of biggest set of equalizer subsequent to internet revolution, Kassio. However, with the strong set of offerings, this is the project which changes the entire dynamics of community. It is also confident that soon Kassio will become instrumental in offering the quality crypto to the end-users. It will also bring about a wonderful change that world is waiting for in the ecosystem.

The company has secured almost 16 million dollar AUM and almost 9 million dollar of the loan portfolio. With the funds that newly raised, the company also intends to simply strengthen the process of product development. They expand the team of senior management across legal, institutional relationships, design functions and compliance.

The post Kassio, the Crypto startup raise about $1.6M in the pre-seed funding appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.