Revolut, the major British Fintech firm, has managed to expand its trading services on cryptocurrency to all states across the USA, except for Tennessee on its app. This represents a rather big move for the digital bank, for crypto, and the usually strict on crypto country.
There had been significant delays in rolling out this full service across the US, as it was planned to hit the ground in April. The service is offered through a partnership with Paxos while the service has been available to the neobank’s European clients for several years now.
Space to grow in the US
The US has historically had a sceptical relationship with crypto, and while never banning it or anything of that like, it has made working with the financial asset difficult for businesses. New York especially has taken a stern approach with its infamous Bitlicense.
But, there is loads of interest in the US, and the growth potential is massive, once the right regulations have been put in place. Many companies, including the likes of US-based Coinbase, have started with journeys for crypto products in Europe — such as the Coinbase card.
The understanding is that there are easy ways to launch products in Europe, but when there is a chance to get things off the ground that can aid adoption, then the US could follow suit.
Edward Cooper, head of crypto at Revolut told Cointelegraph that cryptocurrency was a strong user acquisition driver for the company in Europe and he hopes the same will be true for the US. Currently, Revolut has about 60,000 users in the country.
He added that the transparent fees and the fact that users are limited to trading within Revolut — they can’t send or receive crypto from third-party wallets — will give it an advantage over incumbents like Coinbase, Kraken and others.
“I would say our unique proposition is the fact that with Revolut, it’s not just about the crypto service we have is very, very simple to use. With a touch of a button, you can go straight into buying fiat currency. Because our speciality is fiat currencies and cryptocurrencies, you can actually do many crypto crosses that you can’t do anywhere in the world,” said Cooper.
Revolut is one of a few FinTech platforms or digital banks that have seen the benefit of offering cryptocurrency — even in the US. The likes of Square, from Twitter’s Jack Dorsey, has been reaping the rewards, as has Circle.