Revolut Hints Toward Australian Launch of New Crypto Service

Thursday 16 July 2020, 7:00 AM AEST - 4 months ago

Crypto, gold and stock trading platform has announced the launch of new cryptocurrency trading services across the United States, with the digital bank platform stating that Australia is next.

Revolut customers across 49 US states are now able to purchase, sell, and trade both Bitcoin and Ether on Revolut’s crypto platform. The UK-based platform launched services in the US in March 2020, but held off on launching crypto trading features due to regulatory hurdles.

The new crypto trading facilities provided by the platform are delivered in partnership with Paxos, a New York-based trust. In addition to assisting with the launch of Revolut’s new crypto trading feature set, Paxos is also launching a new crypto brokerage platform, providing custodial services for clients such as Revolut and handling regulatory compliance.

Paxos CEO Chad Cascarilla has stated that the new launch will streamline the process of entering the crypto market for firms, providing financial enterprises with access to APIs that deliver regulatory compliance and a range of technological capabilities that facilitate the purchase or sale of crypto. 

Revolut to Launch New Crypto Service for Aussies

Revolut crypto chief Edward Cooper expressed future plans for the new crypto trading capabilities of the Revolut platform, noting that the Asia-Pacific region — specifically Australia — will be the next country to access the new crypto trading feature set. 

“We’ll launch the core product first and then see what steps we need to make to launch the crypto product. We’ll probably be fastest to market in the Australian market, so I’d imagine Crypto Australia is next.”

In addition to cryptocurrency and security trading features, Revolut also provides users with the ability to spend cryptocurrency directly via crypto cards, a market currently limited within Australia.

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