2022-9-24 12:29 |
According to a Tuesday report by The Block, London-based neobank Revolut is considering adding 29 new including Dogecoin, AVAX, Shiba Inu and Solana, through a new partnership with Apex Crypto for its U.S. clientele as the demand for cryptocurrencies picks up.
“Today we’ve more than quadrupled our token portfolio to give our customers access to a much more diverse crypto offering,” Mazen Eljundi, Revolut’s global business head for crypto, said in a Tuesday announcement. “Trading is commission-free up to $200,000 a month,” he added.
Although some tokens are yet to be approved by the New York State Department of Financial Services, a successful launch will put Revolut in stiff competition for a market share with established cryptocurrency service providers such as Robinhood and Coinbase, among others.
The announcement comes after Revolut ended a two-year partnership with Paxos, which paved the way for the digital bank to expand its crypto offerings to the U.S. Market after debuting Bitcoin and Ethereum. In an email sent to US customers last month confirming the custodial changes, Revolut said it would partner with Apex crypto “to provide wider and better access to crypto the Revolut community.” Apex crypto is a US-based broker-dealer offering regulatory, execution, settlement and custody services through its turnkey solutions platform.
Revolut also disclosed plans to enable crypto withdrawals, deposits and staking “in the near future”, enabling users to move beyond just buying, holding, selling and transferring their assets using its application.
Revolut launched in the US in March 2020 with its financial super application that allows users to manage all of their finances. The application currently serves over 20 million customers across 36 countries. The move to enlarge its crypto portfolio comes even as more institutions throng into the digital asset space intending to accelerate broader adoptions and drive sustainable growth in the U.S. With about 94% of crypto investors in the US falling in the Gen Z or Millennials (18-40 years old) category, Revolut is poised to expand its market share at a faster rate considering most of its services are tailored to suit savvy consumers.
However, Revolut continues to face regulatory headwinds back in the UK. Apart from being caught up in audit-related muddles with authorities, the $33 billion neobank is yet to receive permanent approval from the U.K Financial Conduct Authority (FCA) to offer digital asset services.
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