Revolut Enters The Australian Cryptocurrency Market

It’s only been a month since Revolut went live in Australia following a beta with 30,000 more on the waiting list. Now, the possibility to buy cryptocurrencies has also been enabled.

For the moment, Aussie crypto enthusiasts can trade in bitcoin (BTC), ether (ETH), litecoin (LTC), bitcoin cash (BCH), XRP and stellar (XLM) right from their new banking app, with the possibility of more cryptocurrencies being added later still in discussion.

Users of Revolut’s premium service, Revolut Metal, will be the first to access the new crypto trading service. This feature will be rolled out to other customers shortly.

Ease of Exchange

Already known as the app that allows you to enjoy a vacation without worrying about where to find the best exchange rates, Revolut users in Australia will be able to buy cryptocurrency assets in a total of 27 currencies at great rates.

With fewer options for purchasing cryptocurrency than in the European Union, for now, Revolut CEO Matt Baxby saw the app as a way to simplify the hassle of moving assets between platforms, facing fees every time.

“We’re very excited to be adding another feature to our Financial SuperApp with the introduction of our cryptocurrency exchange services.

We’re cutting out that complexity – with Revolut anyone can easily set up an account in minutes and start buying and selling digital currencies instantly, alongside all our other great features.”

Edward Cooper – the head of the crypto division at Revolut – also weighed in on why ease of exchange is central to the company’s ethos. According to Cooper, public feedback on the main crypto trading platforms was quite negative about the semi-hidden exit and deposit fees – something they sought to change.

Carrying over the transparent and advantageous platform fees at the root of their success in the fiat market, Revolut plans to gauge interest for crypto trading in Australia before expanding into other APAC territories, such as Japan and South Korea.