Digital banking app Revolut has announced the impending launch of a larger suite of crypto functionality to the Australian market ahead of pending approval for an Australian financial services license, providing Aussies with exposure to a range of digital assets in addition to a variety of crypto tools and features.
The recent launch of Revolut in Australia saw the platform launch a new neobank in the country, operating as an Australian equivalent of the digital bank’s US and EU services. The latest addition to the services Revolut provides will allow users to access a broader range of features, such as deposit accounts and personal lending.
Edward Cooper, Revolut’s Head of crypto division, stated in comments released to the Australian that greater volatility in cryptocurrencies is driving investors towards the new asset class as an attractive alternative.
“The volatility is making it more attractive for people … It is making people think what other assets are a place where I can put some money and see if it can perform better under these unusual circumstances.”
Revolut Aims for 1 Million Australian Users
Revolut has launched in Australia into direct competition with Australian neobanks such as Volt, Xinja, and 86 400, which offer home loan, banking, and deposit products. Revolut’s new crypto features include innovative options such as the Roundup feature, which allows users to round up everyday payments to the nearest dollar and then invest the excess into cryptocurrency.
Revolut Australia chief executive Matt Baxby highlighted the ease with which Australians can use the Revolut app to buy cryptocurrencies, noting that the difficulty involved in getting started can turn some investors away.
“Buying and selling cryptocurrencies can be incredibly complicated and confusing for the uninitiated, which means many Australians don’t know how to access cryptocurrency as an investment option”
Baxby, formerly operating as a chief financial officer at Bank of Queensland, stated that Revolut aims to capture 1 million new Australian users within the next year.