Revolut, London-based fintech company, just launched an investment product that is aimed at children between the ages of 7 and 17. This is a money management platform that can lead to having children embrace cryptocurrencies.
In the crypto industry, there is a clear yearning for a higher adoption, especially among institutional investors. However, the market can easily get a boost from this unexplored cohort of youngsters.
Revolut stands out as one of the biggest fintechs in the entire continent of Europe and now it introduced Revolut Junior. This is a money management app aimed towards children in Generation Z and Generation Alpha. All accounts linked to the app will have bank cards that kids can use.
Right now, the product is available to children of British Metal and Premium clients that pay a monthly fee for the top-tier accounts that are offered by Revolut. In the future, it is expected that the product is going to reach children of the clients that have free accounts and those beyond the United Kingdom.
A junior account can only be opened by a legal guardian and the parent. The person opening the account can monitor and balance the balance of the child through an app. By the time 2020 ends, this account will also have the ability to set up financial goals, spending limits, financial guidance, reports and saving options.
A Revolut Junior product owner, Aurelien Guichard, declared:
“Conversations about money typically start at home and we believe these skills are gained little by little, through experience and with help of parents and guardians. Revolut Junior ‘grows’ with kids until they are eligible for a standard 18+ account so that once they are independent, they have the financial skills and literacy to avoid potentially costly mistakes.”
It is not known at the moment if Revolut Junior will allow children to buy or sell cryptocurrencies. This is something that is offered to 5 cryptocurrencies for the Metal and Premium accounts. Users can buy Litecoin, Bitcoin, Ethereum, XRP and Bitcoin Cash with 30 fiat currencies.
Revolut boasts millions of accounts all around the world. If children interact with the app and they grow, they eventually gain access to accounts with crypto options. This is beneficial to spread knowledge about the cryptocurrency and adapt to the needs of the younger generation.