- Revolut has rolled out its cryptocurrency offering to U.S. customers
- The neobank launched its product in America in March this year but had to wait to offer the cryptocurrency service
- Revolut has faced criticism over its ‘closed’ crypto trading system, which relies on their in-house exchange rates
Revolut has rolled out its cryptocurrency service to U.S. users four months after launching in the country. The neobank has teamed up with Paxos to offer the service to its American customers, which now allows them to buy, sell, and store a selection of cryptocurrencies within the app and use the Revolut card to spend the proceeds. Cryptocurrency trading has been available for European customers for many years, but now Americans in all states bar Tennessee are able to use the same service.
Revolut Teams Up With Paxos for Crypto Offering
Revolut announced Revolut USA on March 24, five years after the company was founded “in response to the unfair and often hidden fees associated with exchanging currencies.” American users were able to migrate their current account to Revolut immediately but have had to wait a while for cryptocurrency services to be offered to them due to regulatory issues in the country.
Teaming up with Paxos has allowed them to skirt these regulations to some extent as Paxos, who already operate crypto services in the U.S., will power many aspects of the cryptocurrency processes, negating the need for Revolut to get involved in the headache of regulations. The rollout goes ahead without the inclusion of Tennessee however, whose participation has been delayed due to a few regulatory loose ends.
Users Cannot Send Crypto
Revolut has been criticised in the past for the closed way it operates its cryptocurrency function, with the ability to send crypto out of the wallet disabled and users relying on Revolut’s in-house exchange rates. For casual crypto users however this won’t present a problem, and the addition of crypto functionality will certainly help expand crypto adoption to a new audience in the country.