Soon
- Revolut was initially launched in the states in March, but until today it only offered fiduciary banking services.
- Customers in 49 states can now buy, store, and sell Bitcoin and Ethereum through the Revolut app.
- The cryptocurrency stored in the Revolut app cannot currently be sent to an external wallet.
British challenging bank Revolut has just expanded its cryptocurrency services to the US The fintech startup, which launched in the US in March, has partnered with New York-based financial infrastructure provider Paxos to make this happen.
By using Paxos’ recently announced plug and play brokerage service, Revolut is now also able to offer cryptocurrency trading services across states, without having to face regulatory and technological hurdles faced by cryptocurrency exchanges themselves. Instead, Paxos will handle regulatory affairs, as the US trust company acts as custodian of the Revolut cryptocurrency.
“To expand our crypto offering to US clients, we had to find a trusted partner. We chose Paxos Crypto Brokerage because their turnkey solution is fully compatible and easy to integrate,” said Revolut CEO Nik Storonsky, speaking to Mashable.
Although Revolut has been available in the US since March, until now, customers could only access Revolut’s fiat products through the app, which is currently available on the Apple App Store and Google Play Store.
Through the Revolut app, users can now convert 28 different fiat currencies into Bitcoin (BTC) or Ethereum (ETH) with the press of the button. They will also be able to opt in to real-time price alerts for their chosen digital assets, which will help users stay on top of their portfolio value. Cryptocurrency buying and selling features are currently available in 49 of the 50 US states, with Tennessee being the only exclusion.
Revolut also allows customers to automatically round up their payments to the nearest dollar and convert the remaining change to cryptocurrency. But US users currently cannot move their cryptocurrency funds to an external wallet.
The company has plans to expand the range of cryptocurrencies available through the app in the “near future,” with Bitcoin Cash (BCH), XRP, and Litecoin (LTC) likely ready to be added below, as these are already available. for the EU users.
This expansion comes just two months after employees were reportedly told to leave the company voluntarily or to be fired instead due to coronavirus-related problems.
