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Revolut Expands Crypto Offering – But Not in the US
Fintech challenger bank Revolut accelerated its plans to offer crypto buy and sell services due to recent actions by central banks, said head of crypto Edward Cooper.
By Paddy Baker
Updated May 9, 2023, 3:07 a.m. Published Apr 6, 2020, 9:00 a.m.
U.K. challenger bank Revolut said all standard users will now be able to buy and sell cryptocurrencies supported in its banking app, though this won't include U.S. residents for now.
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Revolut had already planned to expand its crypto offering later this year. But in an email to users, the bank's head of crypto, Edward Cooper, said growing concerns about the potential economic impacts of central bank quantitative easing and currency devaluation had hastened the move to Friday.
Revolut – which raised $500 million in a Series D earlier in the year – has allowed users to purchase crypto directly from the app since it added support for bitcoin in 2017. Although users can trade digital assets with other Revolut users, they cannot take them out of the app.
See also: Regulated Exchange Launches in US With Crypto-Backed Visa Card Offering
Revolut expanded to the U.S. in late March. The bank said at the time new U.S. customers would only have access to its core features. Additional services, such as its crypto-buying service, would be added at a later date.
A Revolut spokesperson confirmed to CoinDesk that U.S. users were still not able to trade crypto on the app, though they said it is "only because the feature has not launched there yet."
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