Giant Fintech Company to Offer US Customers Bitcoin and Ethereum Trading.
Edward Cooper, the head of Revolut’s cryptocurrency division, said that the British fintech firm entered the US market in March and waited until it provided basic products in the country before launching Bitcoin services.Revolut has partnered with New York-based trust company Paxos to obtain legal permission to offer their products.
Paxos also announced on Wednesday that it is introducing a new brokerage API service that provides customers with options to buy, sell, send and hold. Through Paxos Crypto Brokerage, the firm undertakes the custody task for customers like Revolut and manages legal compliance issues.“The exciting thing about it is to be able to overcome the barriers for companies to enter the cryptocurrency space,” said Chad Cascarilla, CEO of Paxos. You can connect to our APIs and we can provide regulatory and technological requirements to offer you crypto for buying or selling. ”
In every U.S. state except Tenessee, Revolut allows customers to complete their transactions and convert their extra money into crypto. Revolut also offers customers the ability to convert 28 global currencies to BTC and ETH – they are thinking of providing other cryptocurrencies in the future.
Revolut’s other goals
In Europe, Revolut supports Litecoin (LTC), Bitcoin Cash (BCH) and XRP . The company 2.5% for every crypto transaction performed by standard customers; premium customers charge 1.5% for their transactions. The crypto division of Revolut, which is used by about one million customers in Europe, has become a “profit center” for the bank, Cooper said.The company’s next goals are to expand to the Asia-Pacific region: with Australia, Singapore and Japan.
“We will launch the base product first, and then we will see what steps are required to start the crypto product. We will probably develop quickly in the Australian market. ”In addition, the bank has recently changed the “ownership” rules for crypto, making users legal owners of their own money. Revolut also suspended the ability to make crypto card payments in Europe on July 27, and did not promote it in the U.S.
“We have received some feedback that they do not expect crypto balances to be spent when they spend from users in Europe,” Cooper said. We want to improve this… We will probably issue cards special to cryptos. ”