Revolut, a major UK-based fintech firm, has recently expanded into the United States, after numerous delays.
All 49 States, Excluding Tennessee
As of the 15th of July, 2020, Users across the US, with the exception of the state of Tennessee, can leverage Revolut’s app to trade in various forms of cryptocurrency. The original plan was to introduce this service back in April of 2020, but that didn’t pan out quite as planned. Regardless, this crypto offering will be made with the partnership with Paxos.
It’s been several years now, since Revolute has made its services available to its European clients, but the neobank has just moved to expand in the US.
Lesser And Greater Financial Freedom
Edward Cooper stands as the Head of Crypto at Revolut, and told the press that crypto had served as a strong user acquisition driver for the firm as a whole within Europe. Cooper, in turn, holds the hope that the US will prove to be similar, with the firm having 60,000 users within the country already.
Cooper stands convinced that Revolut’s unique features, such as its transparency over fees, as well as their inability to send or receive crypto to third-party wallets, will give them an edge in the market at large. Cooper hopes that this edge will help them gain ground against giants like Coinbase, Kraken, as well as others.
Cooper explained that Revolut is a crypto service with a few key specializations, the first of which being simplicity. There’s no complex work needed to operate Revolut’s app, with a simple press of a button, a user can buy both fiat or crypto. Furthermore, Cooper stated that the speciality of the firm at large is both crypto and fiat currencies, with Revolut itself offering an array of crypto crosses that simply aren’t available anywhere else.
Prime Time For Expansion
Granted, this is with the price of having your crypto locked in Revolut’s wallet, but it’s a give and takes, after all. As it stands now, Revolut only offers Ether (ETH) and Bitcoin (BTC) to its US citizens. However, the firm stated that it would add more in the future, with emphasis put on user demand in that regard.
It remains to be seen how successful Revolut will be within the US, but the current climate is ripe for expansion. Cooper proved this by sharing the findings made in an internal report, focusing on the users of Revolut in the region of Lombardy, Italy. During this COVID-19 lockdown, the crypto activity in this region tripled, according to Cooper, showing just how turbocharged the crypto interest is nowadays.