U.K. Fintech Firm Revolut Expands Crypto Trading Service to 49 US States
The United Kingdom’s fin-tech company Revolut is bringing crypto trading service in the United States allowing its users across the 49 U.S. states to buy, sell, and hold cryptocurrencies there through its crypto trading app. Users of Revolut in the United States can begin trading crypto as of July 15 by using the Revolut app.
Revolut partners with Paxos to offer crypto service in the US
Revolut has announced on Wednesday, July 15, 2020, it is joining hands with crypto brokerage Paxos for offering the cryptocurrency trading service to its users in the United States. By partnering with the New York-based crypto brokerage firm Paxos, Revolut has assured its regulatory status in the U.S.
As per the announcement, the crypto trading service offered by the Revolut firm is available to almost all of the states of the US except for one state that is Tennessee. Currently, the firm is offering the trading of Bitcoin (BTC) and Ether (ETH) on its platform but the company plans to add more digital currencies for trading in the future keeping in view the preferences of users. Bitcoin and Ethereum crypto-assets can be converted into 28 global currencies.
Revolut will have an advantage over other crypto exchanges
The Head of Cryptocurrency at Revolut Edward Cooper claimed that their fintech firm has more than 60,000 users in the United States. He said that the company was able to increase its user acquisition in the United Kingdom due to cryptocurrency and it will likely do the same in the U.S. as well.
Furthermore, he said that Revolut offers transparent trading fees, and also it limits traders to trade within the Revolut app and does not allow for third-party involvement. These two factors may give an edge to Revolut over other major cryptocurrency exchanges such as Kraken and Coinbase etc. according to Cooper.
Adding more to it, he stated, “With a touch of a button, you can go straight into buying fiat currency. […] Because our specialty is fiat currencies and cryptocurrencies, you can actually do many crypto crosses that you can’t do anywhere in the world.”
After Europe and the United States, the company is now looking forward to expanding its crypto trading service to the Asia-Pacific regions.
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