Digital Assets: Revolut Steps Up Crypto Offerings; Revolut Business Snags 500K Customers

September 4, 2020 | Digital Assets, FinTech, News
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Revolut has added Bitcoin Cash and Litecoin to its crypto offerings in the U.S.

According to an announcement Wednesday, digital challenger bank Revolut has enhanced the scope of crypto trading for its customers in the US. It has added Bitcoin Cash and LiteCoin to its range of cryptocurrencies that customers can buy sell or hold. (CROWDFUND INSIDER)

July Tie-up with Paxos

In July, Revolut announced that users in 49 American states, except Tennessee, could buy and sell bitcoin and ethereum through its app. For the purpose, it tied up with Paxos Trust Company for its Crypto Brokerage service.

The Paxos Crypto Brokerage is an API that allows customers to hook up their systems to the cryptocurrency market. These customers could be payment processors, wealth managers, banks, or any tech companies. The facility is similar to a “plug-and-play” service with Paxos being responsible for the backend.

With the latest announcement, Revolut caters to the trading of four cryptocurrencies on its platform. These are bitcoin, ethereum, bitcoin cash, and Litecoin.

Another announcement: Revolut’s Crypto now in Australia

The next day Revolut announced that its Australian customers could now trade cryptocurrencies via its app.

Up to six cryptos, namely, bitcoin, ether, litecoin, bitcoin cash, XRP, and stellar are now open for trading.

Aiming to make cryptocurrencies more accessible, the company allows customers to convert Australian dollars and 26 other currencies into cryptos.

“Buying and selling cryptocurrencies can be incredibly complicated and confusing for the uninitiated, which means many Australians don’t know how to access cryptocurrency as an investment option,” said Revolut Australia CEO Matt Baxby in a statement. “We’re cutting out that complexity. Anyone can easily set up an account in minutes and start buying and selling digital currencies instantly, alongside all our other great features.”

Revolut Business customers

In what seemed to be a day full of news for the fintech, it also said it crossed an important milestone. It has signed up a total of 500,000 business customers since the debut of Revolut Business in July 2017.

Revolut Business has launched several new products and updated its interface and navigation. It also added more mobile functionality, and launched a dark mode for mobile apps, the company said.

“The new structure of our Revolut Business web and mobile apps paves the way for some really exciting products we have in the pipeline,” said Nik Storonsky, CEO and Founder. “We can’t wait to take business accounts to the next level.”

Related Story:  Revolut is Crypto Brokerage Paxos’ First US Client

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