8.6 C
New York
Saturday, April 17, 2021
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.”

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

Recent posts

How are transfer apps building trust with their users?

For a few years now, consumer attitude towards finance and banking has been changing. A rapid rise in digital consumption has resulted in more technology and innovation than ever before, with total fintech investment in Europe skyrocketing to $58.1bn in 2019.*

Monzo partnered with RAC to enhance its premium options

Monzo has reached a combined total of 135,000 customers for its two premium bank account options since their launch in 2020 and now it extends their benefits.

Revolut adds 11 new crypto tokens

Revolut announced this Thursday that 11 more crypto-tokens were added to the option for users to buy and sell.

Starling Bank and Funding Options join to support SME’s

Starling Bank and Funding Options decided to join forces and help SME's with their recovery in 2021.