FinTech Revolut offers free crypto trading
In an effort to increase its user base in the United States, digital bank Revolut is introducing no-fee cryptocurrency trading for up to $ 200,000 in transactions per month, FinTech reported on Tuesday (October 19th).
Revolut also offers its 300,000 US customers free use of off-grid ATMs, as well as the benefit of sending 10 free installments each month.
See also: Inside Revolut: 5 banking and payment products
“The free crypto part is part of a larger argument with investors that we are a service provider,” said Revolut’s US CEO Ron Oliveira. Decrypt.
The London-based platform launched in the United States last year and has found its US customer base primarily in border states such as California and Arizona, where its money transfer services are a big draw. Oliveira told the outlet that the company aims to make the United States its second market after the United Kingdom.
Read more: Revolut offers commission-free U.S. equity trades
US competition for digital banking apps is intense, with long-established brands like PayPal, Venmo, Square, and others, each vying for a share of user financial services and crypto trading activity. For example, PayPal, Venmo, and Robinhood all offer free exchanges.
Revolution Currently offers Bitcoin, Bitcoin Cash, Litecoin, and Ethereum, while another U.S. rival, Coinbase, offers transactions with dozens of digital currencies.
Oliveira told Decrypt that he is not worried about the competition because Revolut has a lot of services on its platform that could make it irreplaceable for US users including savings, remittances and lounges. airport, among others.
Revolut was launched in the United States during the COVID-19 pandemic and now plans to strengthen its marketing efforts by tapping into expanded digital channels and social media influencers. In September, the company also paid for its largest U.S. office – a WeWork in Dallas – with bitcoin.
Co-founded in 2015 by Nikolay Storonsky and Vlad Yatsenko, Revolut is also considering launching a token, although it is not initially available in the United States.