Revolut, a popular financial technology company, made a significant announcement this Wednesday that it will be expanding its cryptocurrency trading services to the United States. This move comes after the company enabled in-app purchases of various cryptocurrencies back in April, in response to the volatility in the stock market. The decision to offer cryptocurrency trading in the U.S. reflects Revolut’s commitment to providing its customers with more options and flexibility in managing their finances.
The cryptocurrency feature will now be available to all customers in the U.S., with the exception of those in Tennessee. Revolut has partnered with Paxos Trust Company to ensure high liquidity, market-low rates, and fast execution for its users. Paxos is a trusted exchange that is licensed by the New York State Department of Financial Services to engage in virtual currency business activity, providing customers with a secure platform to trade cryptocurrencies.
Nik Storonsky, the founder and CEO of Revolut, emphasized the importance of finding a trusted partner to expand their crypto offering in the U.S. This partnership with Paxos will enable users to convert U.S. dollars and 27 other global currencies into cryptocurrencies within the app. Customers will receive real-time notifications of price shifts and have the option to cash out their investments as needed.
One of the unique features offered by Revolut is the ability for customers to round up their card payments to the nearest whole dollar, automatically converting their spare change into cryptocurrency. This makes the process of investing in cryptocurrencies more accessible and convenient for users, encouraging them to engage with this emerging asset class.
Revolut has also hinted at plans to provide access to additional cryptocurrencies in the near future. In Europe, the company currently allows customers to buy, hold, and sell Litecoin, Bitcoin Cash, and XRP, with more options expected to be added to the platform in the U.S. Edward Cooper, the head of crypto at Revolut, highlighted the simplicity and transparency of the platform, stating that customers can exchange their dollars for Bitcoin and Ethereum with just a tap of a button.
Traditional crypto brokers often charge hidden fees, such as deposit and exit fees, which can make navigating the market complex and costly for users. Revolut aims to address this issue by transparently displaying exchange rates at the point of exchange and eliminating hidden fees. This commitment to transparency and simplicity sets Revolut apart in the cryptocurrency trading space, making it an attractive option for both experienced traders and newcomers to the market.
Overall, Revolut’s expansion of its cryptocurrency trading services to the U.S. represents a significant milestone for the company and its customers. By partnering with Paxos and offering a user-friendly platform for trading cryptocurrencies, Revolut is poised to become a leading player in the digital asset space, providing customers with a seamless and secure way to invest in this rapidly evolving market.
