HomeWorld NewsFintech26,000 Italians have savings of €900, also in crypto

26,000 Italians have savings of €900, also in crypto

On the occasion of World Savings Day on October 31st, the British fintech company Revolut has revealed today that Italians have saved an average of 900 euros each in 2020 thanks to the Savings Vault. The money is set aside in over 30 different currencies, including crypto.

More than 26,000 Italians are currently using Revolut to save money, with over 12 million euros in total.

Revolut’s Savings Vault function allows users to save money, which is then set aside in the app and separated from the money that is used for purchases.

In total there are over 500,000 Revolut customers in Italy, up 400% in the last year. In 2020, more than 33,000 Italian users created a total of more than 58,000 Savings Vault accounts.

Italians’ savings in detail: including crypto

The Euro is the main currency with which Italians use to save money, with over 10 million set aside at the moment. This is followed by more than 900,000 British pounds and over 400,000 US dollars.

Italians also set money aside in cryptocurrencies. Revolut clients have set aside (at yesterday’s price):

  • In Bitcoin the equivalent of more than 110,000 euros;
  • In Ethereum the equivalent of 40,000 euros;
  • In XRP the equivalent of 19,000 euros.

Globally, on the other hand, Revolut users have created more than 4 million Savings Vault accounts, of which 2 million are currently active. These accounts are mainly used for general expenses and holidays.

The latest news from Revolut

A few days ago, Revolut also reported on the spending habits of Italians and how these had changed with the lockdown and curfew due to the Coronavirus.

These data showed how Italians’ spending in bars and pubs decreased by 53%, even though during the last day of “freedom” spending was 88% compared to the previous Sunday.

With regard to crypto, Revolut had announced that it was using Fireblocks to expand its services in the sector and increase the security of the assets stored on their applications.

Amelia Tomasicchio
Amelia Tomasicchiohttps://cryptonomist.ch
As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for several international crypto-related magazines and CMO at Eidoo. She is now the co-founder and editor-in-chief of The Cryptonomist, and also PR manager for the Italian market at Bitget. She is also a marketing teacher at Digital Coach in Milan and she published a book about NFTs for the Italian publishing house Mondadori, while she is also helping artists and company to entering in the sector. As advisor, Amelia is also involved in metaverse-related project such as The Nemesis and OVER.