8.6 C
New York
Sunday, June 16, 2024
Home Challanger banks Revolut finally extends cryptocurrency trading feature to the US

Revolut finally extends cryptocurrency trading feature to the US

Revolut announced this Wednesday that it will start offering its cryptocurrency trading services in the U.S.

Revolut enabled the in-app purchase of various cryptocurrencies this April as it was reacting to the stock market downfall and wanted to enable the customers to have more options.

Read also: Leaked messages from Revolut’s CEO Nikolay Storonsky address the job cut accusations

Revolut U.S.’s cryptocurrency feature will be now also available to all customers in the U.S., except customers in Tennessee. Revolut disclosed that it is working with Paxos Trust Company to provide users with high liquidity, market-low rates, and fast execution.

“Paxos is an established, secure, and trusted exchange that is licensed to engage in virtual currency business activity by the New York State Department of Financial Services.”

“In order to expand our crypto offering to US customers, we had to find a trusted partner,” said Nik Storonsky, founder and chief executive officer of Revolut.

Users are able to convert US dollars and 27 other global currencies into crypto within the app. The app also provides them with real-time notifications of price shifts and if should they wish to cash out.

Making the process even easier, customers can choose to round-up their card payments to the nearest whole dollar, automatically converting their spare change into cryptocurrency.

Revolut says it intends 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.

Edward Cooper, head of crypto at Revolut says: “Trying to navigate your way around traditional exchanges can be incredibly complex, and this process can often exclude people from getting access to cryptocurrency. With Revolut, customers can exchange their Dollars to Bitcoin and Ethereum with the tap of a button.

Traditional crypto brokers can also charge a number of hidden costs, such as deposit and exit fees. With Revolut, we transparently display the exchange rate at the point of exchange, and there are no hidden fees.”

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

NEW Revolut UK CEO to make Conference Debut at MoneyLIVE Summit

MoneyLIVE has today announced that Revolut’s newly appointed UK CEO will be making her conference debut at MoneyLIVE Summit 2024, which is...

2024’s Financial Innovators: A New Era of Banking Startups 

In the wake of the COVID-19 pandemic, our world witnessed an unprecedented shift towards digitalization. The banking industry, in particular, has been...

C-suite Banking and Payments Leaders From Across Europe Set to Meet at London’s MoneyLIVE Summit in March

On the 6-7 March 2024 MoneyLIVE Summit will return to London’s QEII Centre to unite over 1000 banking and payments leaders from...

The Evolution of Digital Wallets: A Shift from Physical Cards by 2030

By 2030, we can expect digital wallets to become the preferred payment instrument, offering a myriad of non-payment-related services for consumers.