Fintech startup Revolut starts trading cryptocurrencies in the United States
The London-based company launched its debit card in the U.S. in March, but some of the more advanced features, including cryptocurrency trading, were missing.
By partnering with Paxos, Revolut offers users in 49 U.S. states (Lake Tennee is excluded) the ability to buy Bitcoin and Ethereum in one step. Users can save their cryptocurrency in the app and instantly cash out whenever they want. There are no hidden fees when buying and selling cryptocurrencies. The exchange rate shown is exactly the rate at which the coins are converted.
The version of Revolut for storing cryptocurrency is not quite the same as storing it in a wallet without a custodian, since users can only send crypto to other Revolut users. I checked with Revolut and a company spokesman emailed to confirm that customers can̵
Other features include the ability to round up your card payments to the nearest whole dollar and automatically convert the replacement money into cryptocurrency.
Revolut offers access to more cryptocurrencies including Litecoin, Bitcoin Cash and XRP in Europe. The company says it will also offer access to other coins in the United States in the “near future”.
Revolut’s range of functions is even more extensive in Europe, where the company offers three levels of debit cards (standard, premium and metal), for example only two in the USA. This should change soon. The spokesman told me that the company is working to introduce numerous new features to the U.S. market, including commission-free stock trading, commodities trading, bonus and cashback incentives, and business accounts.
Regarding the adoption, he told me that the company currently has more than 120,000 customers in the United States
Revolut was launched in 2016 and reaches more than 10 million customers worldwide with a combination of low fees, aggressive marketing and a variety of features. Revolut’s mobile app consolidates a debit card, bank account, trading account for stocks, cryptocurrencies and goods, travel insurance and more. The company’s last round of financing was in February when Revolut raised $ 500 million at a valuation of $ 5.5 billion.
Disclosure: The author of this text owns or has recently owned a number of cryptocurrencies, including BTC and ETH.