[Pre-Proposal] Dash Integration with Revolut

Pursue Dash Integration with Revolut?

  • Yes

    Votes: 18 90.0%
  • No

    Votes: 2 10.0%

  • Total voters
    20

ichigo13

Member
Masternode Owner/Operator
Jul 6, 2014
42
30
58
Hello,

I am starting up this discussion about Dash being integrated into Revolut. I'll first briefly try to explain what Revolut is followed by the reasons I believe this would benefit Dash.

What is Revolut?

https://en.wikipedia.org/wiki/Revolut


Revolut is a global money app that includes a pre-paid debit card (MasterCard), currency exchange, and peer-to-peer payments. Revolut currently charges no fees for the majority of its services, and claims to use interbank rates for its currency exchange.

https://revolut.com/nl/?lang=en

Essentially Revolut is a contemporary bank. All you need from a bank inside an application and a debit card. No fees, free European IBAN account, sending money to contacts that also have Revolut for free and other features you can explore with the links above. Feels and looks like a centralized version of Evolution.

Why are you talking about a centralized company in the forums of one of the most successful cryptocurrencies out there?

Allow me to share my personal experience. I am a Cypriot citizen, up until recently I was living and working in my home country and slowly accumulating Dash using SEPA Transfers through my bank (Bank of Cyprus) to Kraken. You don't have a lot of options for getting into crypto around here. No Crypto ATMs, no Localbitcoins users that I am aware of (at least last time I checked) and basically no other services for converting FIAT to crypto. The only channel available was doing a SEPA transfer to one of the exchanges. Most people around here are oblivious to crypto (unless you want to count the terrible experience of Neo). That also includes banks. Oblivious banks = Unrestricted SEPA = Happy Crypto nerds buying crypto. The situation changed recently. Cyprus SEC issued warnings about the dangers of Bitcoin and Crypto. One example affects the Forex companies as you can read below:

https://cointelegraph.com/news/comp...us-sec-to-international-forex-bitcoin-traders

The problem did not stop there. Roughly 2 months ago, early in the morning, I was called by my bank and told that one of my SEPA transfers could not proceed due to "transactions related to Bitcoin". Just like that I lost my one and only gateway to crypto and Dash. There was a small uproar on Facebook by the few people that know anything about Crypto in Cyprus but certainly not enough to change anything. I acted quickly on that day and opened an account with the only other bank available to me, COOP. To this day I believe that COOP is allowing SEPA transfers to exchanges but it could easily change like BoC did.


Why does your story matter?

It serves as an example of situations multiple people can find themselves in. In my particular experience I was in a country with no available services for getting into crypto except by my bank. Depending on bankers is not a good situation to be in.

I imagine that a lot of crypto and Dash enthusiasts all around the world face similar problems. Lack of options for converting their FIAT to Dash.

This is where Revolut comes in. A few weeks ago Revolut announced that they are going to implement cryptocurrencies as well. You can read about it in their medium post by their Platform Lead Engineer:

https://medium.com/revolut-engineer...ng-the-way-with-cryptocurrencies-462df9c822b1

Since Revolut supports most parts of the world and their top-up methods act like purchases with the amount appearing seconds after you top up in the app, this could lead to an instant way of acquiring crypto, without the need of a traditional bank in the way, almost globally. It could act like Circle pretty much. There is tremendous potential here for Revolut and for Dash.

Furthermore, you are at least using a bank that aligns with the interests of the users since the integration of cryptocurrencies in Revolut was inspired by the community (I may or may not have played a role here ;) ).

The only problem is that if you read the article above you will see that Dash is missing from the coins that are going to be supported on Phase 1 of the roll-out.

I would like to change that. I can put forward a proposal that asks the Masternodes if they agree with pursuing such a collaboration and integration with Revolut but that is the extend of my powers.

In case the proposal passes we will need a party to be formed to go after this collaboration. By posting here I am trying to gain attention of key players of the Dash Community and Dash Core (e.g. Daniel Diaz) for forming that kind of team.

What are your thoughts? Do you believe we should go for this Integration?
I would appreciate if Dash Core team members gave their own insight as well.

Cheers.
 

Macrochip

Active Member
Feb 1, 2015
225
190
103
I like that idea. If our BusDev team reaches out and negotiates a satisfying deal, I'd be more than happy to vote yes.
 

ichigo13

Member
Masternode Owner/Operator
Jul 6, 2014
42
30
58
What actions would it take to make this happen?

If the majority of MNs are in favor of this integration official channels of communication between Revolut and Dash need to be established. I can see no better option that to have the Business Development team of the Dash Core DAO take care of this.

After the communication channels are established then it's a matter of finding out if the Revolut team is willing to collaborate in the first place. Possibility of integration funding by the treasury is also an option in order to make the decision, from Revoluts point of view, easier.
 

Syntheist

Active Member
Apr 27, 2017
143
127
93
41
Revolut is a seriously great service and having Dash as an option opens up easy purchases in GBP again.

This is something that should absolutely be pursued, a proposal might be too slow right now waiting a month isn't necessary, certainly a conversation needs to happen.
 
Last edited:

Voluntary

Member
May 14, 2016
109
37
78
Dash Address
XivwUmSu5davqhqc3BX1j4w6dskzNFihQQ
I'm in favour of all the fiat-gateway type opportunities that come along. Would this one extend beyond Europe?
 
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MizzyMax

Member
Feb 14, 2017
168
31
88
27
Are you just asking for Dash to develop the integration at their own expense? I don't see any Dash requested.
 

GrandMasterDash

Grizzled Member
Masternode Owner/Operator
Jul 12, 2015
3,183
1,274
1,183
From the medium post...

"No external transfers in crypto — you can instantly send crypto to your peers on Revolut, but your balance will be first converted into fiat if you wish to transfer the balance externally."
Perhaps I'm being slow but does this mean you can't send crypto to an external wallet?
 

ichigo13

Member
Masternode Owner/Operator
Jul 6, 2014
42
30
58
From the medium post...

"No external transfers in crypto — you can instantly send crypto to your peers on Revolut, but your balance will be first converted into fiat if you wish to transfer the balance externally."
Perhaps I'm being slow but does this mean you can't send crypto to an external wallet?
That is Phase 1 of the roll out. Sending to an external wallet will be supported in later Phases. So yes in the beginning the crypto will stay in your Revolut account and you will able to send it to other Revolut users.



Are you just asking for Dash to develop the integration at their own expense? I don't see any Dash requested.

I'm starting the discussion with this post. I am not even sure if I tried contacting Revolut by my own I would get a response let alone be able to calculate costs for this Integration. This pre-proposal is meant for Masternodes to show their support or not and in continuation getting Dash Core to pursue the Integration.
 

solarguy

Active Member
Mar 15, 2017
890
463
133
62
Anything that give you (and others) more options to turn the local fiat into crypto is a good thing, provide that it's not super expensive and perhaps we get a clear idea of when they will add the ability to send crypto to your own wallet, not just other Revolut users.
 

GrandMasterDash

Grizzled Member
Masternode Owner/Operator
Jul 12, 2015
3,183
1,274
1,183
That is Phase 1 of the roll out. Sending to an external wallet will be supported in later Phases. So yes in the beginning the crypto will stay in your Revolut account and you will able to send it to other Revolut users.
I wouldn't trust anyone that refuses to withdraw to external wallets. Withdrawing to an external wallet is necessary on day one, or else, how could I trust they will not change their mind later? Is that the kind of experience we want to give to our users?
 

MizzyMax

Member
Feb 14, 2017
168
31
88
27
I wouldn't trust anyone that refuses to withdraw to external wallets. Withdrawing to an external wallet is necessary on day one, or else, how could I trust they will not change their mind later? Is that the kind of experience we want to give to our users?
100% correct. It's simply an exchange that doesn't let you withdraw your crypto to a private wallet. Bad idea and not something I'd encourage anyone to use.

Coinbase has locked funds for users and now users have no access to their crypto in several US states. This could easily be the case with revolt.
 

Dashmaximalist

Active Member
Mar 16, 2017
1,008
247
133
38
maptags.in
Hello,

I am starting up this discussion about Dash being integrated into Revolut. I'll first briefly try to explain what Revolut is followed by the reasons I believe this would benefit Dash.

What is Revolut?

https://en.wikipedia.org/wiki/Revolut


Revolut is a global money app that includes a pre-paid debit card (MasterCard), currency exchange, and peer-to-peer payments. Revolut currently charges no fees for the majority of its services, and claims to use interbank rates for its currency exchange.

https://revolut.com/nl/?lang=en

Essentially Revolut is a contemporary bank. All you need from a bank inside an application and a debit card. No fees, free European IBAN account, sending money to contacts that also have Revolut for free and other features you can explore with the links above. Feels and looks like a centralized version of Evolution.

Why are you talking about a centralized company in the forums of one of the most successful cryptocurrencies out there?

Allow me to share my personal experience. I am a Cypriot citizen, up until recently I was living and working in my home country and slowly accumulating Dash using SEPA Transfers through my bank (Bank of Cyprus) to Kraken. You don't have a lot of options for getting into crypto around here. No Crypto ATMs, no Localbitcoins users that I am aware of (at least last time I checked) and basically no other services for converting FIAT to crypto. The only channel available was doing a SEPA transfer to one of the exchanges. Most people around here are oblivious to crypto (unless you want to count the terrible experience of Neo). That also includes banks. Oblivious banks = Unrestricted SEPA = Happy Crypto nerds buying crypto. The situation changed recently. Cyprus SEC issued warnings about the dangers of Bitcoin and Crypto. One example affects the Forex companies as you can read below:

https://cointelegraph.com/news/comp...us-sec-to-international-forex-bitcoin-traders

The problem did not stop there. Roughly 2 months ago, early in the morning, I was called by my bank and told that one of my SEPA transfers could not proceed due to "transactions related to Bitcoin". Just like that I lost my one and only gateway to crypto and Dash. There was a small uproar on Facebook by the few people that know anything about Crypto in Cyprus but certainly not enough to change anything. I acted quickly on that day and opened an account with the only other bank available to me, COOP. To this day I believe that COOP is allowing SEPA transfers to exchanges but it could easily change like BoC did.


Why does your story matter?

It serves as an example of situations multiple people can find themselves in. In my particular experience I was in a country with no available services for getting into crypto except by my bank. Depending on bankers is not a good situation to be in.

I imagine that a lot of crypto and Dash enthusiasts all around the world face similar problems. Lack of options for converting their FIAT to Dash.

This is where Revolut comes in. A few weeks ago Revolut announced that they are going to implement cryptocurrencies as well. You can read about it in their medium post by their Platform Lead Engineer:

https://medium.com/revolut-engineer...ng-the-way-with-cryptocurrencies-462df9c822b1

Since Revolut supports most parts of the world and their top-up methods act like purchases with the amount appearing seconds after you top up in the app, this could lead to an instant way of acquiring crypto, without the need of a traditional bank in the way, almost globally. It could act like Circle pretty much. There is tremendous potential here for Revolut and for Dash.

Furthermore, you are at least using a bank that aligns with the interests of the users since the integration of cryptocurrencies in Revolut was inspired by the community (I may or may not have played a role here ;) ).

The only problem is that if you read the article above you will see that Dash is missing from the coins that are going to be supported on Phase 1 of the roll-out.

I would like to change that. I can put forward a proposal that asks the Masternodes if they agree with pursuing such a collaboration and integration with Revolut but that is the extend of my powers.

In case the proposal passes we will need a party to be formed to go after this collaboration. By posting here I am trying to gain attention of key players of the Dash Community and Dash Core (e.g. Daniel Diaz) for forming that kind of team.

What are your thoughts? Do you believe we should go for this Integration?
I would appreciate if Dash Core team members gave their own insight as well.

Cheers.
I am pretty sure UK based banks will not allow to buy crypto , UK banks are seriously scared of crpyto
 
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