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.
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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.”