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Crypto-Friendly Bank Revolut Launches in the US
The challenger bank reportedly has plans to offer its crypto buying service to US customers in the near future.
By Paddy Baker
Updated May 9, 2023, 3:07 a.m. Published Mar 25, 2020, 4:15 p.m.
Mobile bank Revolut has launched in the U.S., with an eye to offering its cryptocurrency services sometime in the near future.
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The London-based challenger bank announced Tuesday that U.S. customers could now register for an account and sign up for a payment card. Deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000.
Launched in 2015, Revolut now has more than 10 million customers, primarily in the U.K. and Europe. As well as banking services, it offers features such as a fiat currency exchange, insurance brokerage and equity trading platform. The bank completed a $500 million Series D in February, valuing the company at more than $5 billion.
See also: Revolut App Adds XRP, Bitcoin Cash to Crypto Options
Revolut has also allowed users to purchase cryptocurrencies directly from the app since adding support for bitcoin in 2017. Although users can trade digital assets with other Revolut users, they cannot take them out of the app.
Revolut said U.S. customers will initially only have access to the bank's core features. Additional services, such as the crypto-buying service, will be added sometime in the near future, according to TechCrunch.
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