According to their press statement from a few days ago, Revolut has started offering its cryptocurrency trading services to Australian residents. Members of the company’s premium Metal service will get first access, after which all other crypto traders can get started with the service. Continue reading to find out more details about Revolut’s latest expansion.
Revolut’s Rapid Expansion in 2020
In August of this year, Revolut made its first venture into the Australian market, introducing fiat-based currencies. As of writing this article, Australian customers can use Bitcoin, Litecoin, Ether, XRP, Stellar, and Bitcoin cash. Aside from this, the platform allows users to convert Australian dollars, as well as 26 other fiat currencies, into a cryptocurrency of their choice, directly through the native Revolut app.
During the first few days on the Australian market, Revolut already managed to garner significant attention. Its launch was highly anticipated, with over 30,000 Australians on the app’s waitlist, and 25,000 customers using the beta version. Australian customers who use Revolut can buy and sell up to six different digital assets while receiving real-time notifications on market price movements.
As a reminder, Revolut also expanded its services into the US in March of 2020. They obtained regulatory permission to operate in the US by partnering with Paxos, a New York-based trust company. Revolut’s services are available in 49 U.S. states, excluding Tennessee. After a successful push into the Australian market, the company now aims to expand further into the Asia-Pacific region by introducing its services in Japan and Singapore.
Unrelated to its expansion to all of these markets, it’s important to also mention that Revolut is suspending the ability to make crypto card payments in Europe, and won’t be introducing this option on any of the markets we mentioned above. The company’s representatives also mentioned that they are looking into the possibility of creating crypt-specific cards.
A Brief History of Revolut
Revolut is one of the most popular online trading services, with over 1 million users, and roughly 6,000 new registrations per day. It was founded in 2015 in the UK, as a platform offering financial services and banking products. In 2017, Revolut ventured into the cryptocurrency world, after securing $66 million in a funding round. They offer a mobile app, and their customer base covers mostly younger financial traders who operate on the crypto market.
In July of 2020, the company updated its terms of service, giving its users legal control over the cryptocurrency they operate with on the platform. This has been lauded as a significant decision, as previous to this update, Revolut conducted all cryptocurrency transactions on behalf However, the company still doesn’t allow users to transfer cryptocurrencies outside of the Revolut trading ecosystem.