Ignorance is the last barrier to understanding. We are impressed by the latest move from Revolut – which addresses the barrier of ignorance about cryptocurrencies with a course that not only educates but remunerates (in its own token). The crypto world is coming to park its tanks – armed only with good intentions, it seems – on our lawns. Hurrrah.
Revolut is launching educational courses on cryptocurrency and rewarding customers with tokens on the app.
The aim is to help improve their customers’ knowledge of cryptocurrencies through short and simple courses on crypto basics and other topics, including blockchains, popular tokens and protocols.
There are two courses available, ‘Crypto Basics’ and a course based on the multichain network Polkadot, the Web3 platform behind the rewards for the courses, DOT tokens.
The courses are now available to Revolut’s customers through the app, and after taking the courses and passing a quiz they can earn up to £14 in DOT tokens.
Historical Performance And IFISA Process Guide
That figure is the result of over £24 million of loans facilitated on the site, as we bring individuals looking for a good return on capital together with carefully vetted small companies seeking funds for growth. Bear in mind that lenders’ capital is at risk. Read warnings on site before committing capital.
All loans on site are eligible to be held in a Money&Co. Innovative Finance Individual Savings Account (IFISA), up to the annual ISA limit of £20,000. Such loans offer lenders tax-free income. Our offering is an Innovative Finance ISA (IFISA) that can hold the peer-to-peer (P2P) business loans that Money&Co. facilitates. For the purposes of this article, the terms ISA and IFISA are interchangeable.
So here’s our guide to the process:
The ISA allowance for 2020/21 is unchanged from last tax year at £20,000, allowing a married couple to put £40,000 into a tax-free environment. Over three years, an investment of this scale in two Money&Co. Innovative Finance ISAs would generate £8,400 of income completely free of tax. We’re assuming a 7 per cent return, net of charges and free of tax here.
Once you have made your initial commitment, you might then consider diversifying – buying a spread of loans. To do this, you can go into the “loans for sale” market. All loans bought in this market also qualify for IFISA tax benefits.
Risk: Security, Access, Yield
Do consider not just the return, but the security and the ease of access to your investment. We write regularly about these three key factors. Here’s one of several earlier articles on security, access and yield.