British digital bank Revolut said Wednesday that it will start offering its cryptocurrency trading services in the U.S.
Users in 49 U.S. states, excluding Tennesee, can now buy and sell bitcoin (BTC) and ethereum (ETH) through the Revolut app, it said.
They can also store their digital assets in the app and cash out instantly. However, crypto funds kept in the application cannot be transferred to an external wallet.
Revolut, which ĺaunched its fiat services in the U.S. in March, has partnered with New York-based Paxos for this to happen. The trust company rolled out its new brokerage service on Wednesday, allowing customers to trade and store cryptocurrencies.
Under the deal, Paxos will provide the underlying infrastructure while handling the “licensing and regulatory complexities”, as indicated in a press statement released July 15. That leaves Revolut to concentrate on its front-end user experience.
Paxos will also act as the crypto custodian for Revolut as well as a provider of “access to deep liquidity”, meaning that the UK fintech startup may not have to concern itself building relationships with market makers and exchanges.
“In order to expand our crypto offering to US customers, we had to find a trusted partner,” said Nik Storonsky, founder and chief executive officer of Revolut.
“We chose Paxos Crypto Brokerage because their turnkey solution is fully compliant and easy to integrate. The Paxos platform offers the security and liquidity we need to offer our users the best crypto experience,” he added.
In the U.S., Revolut – which boasts around one million customers in Europe – will allow users to convert 28 different fiat currencies into bitcoin or ethereum and vice versa. Users can also use the smallest dollar amounts – spare change – to buy crypto.
In Europe, the company charges a fee of between 1.5% and 2.5% per crypto transaction, depending on whether one is a standard or premium customer.
Paxos CEO Chad Cascarilla noted that the new brokerage API service “is lowering the barrier of entry for firms to get into crypto”, adding, “you can plug into our APIs and we’ll provide you the regulatory ability and the technological capabilities to offer crypto for buying or selling.”
What do you think about Revolut’s new crypto services in the US? Let us know in the comments section below.
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