Fintech Firm Revolut Expanded its Services to 49 States

Famous fintech firm Revolut from the United Kingdom wanted to introduce its services in the U.S. several months ago in April. However, after significant delays, Revolut expanded its cryptocurrency trading services in the United States. 

It is worth noting that, as of July 15 residents of 49 states with the exception of Tennessee, have the ability to trade cryptocurrency on Revolut’s app. Interestingly, the crypto offering will be provided in a partnership with Paxos.

Importantly, Revolut’s service has been available to neobank’s European clients for several years. Moreover, cryptocurrency was a strong user acquisition driver for the fintech company in Europe. The company wants to become successful in the U.S. market as well. Revolut has 60,000 users in the country. 

Revolut and its business model

People should take into consideration that Revolut offers transparent fees. Moreover, users can only trade within Revolut. It means that they can not send or receive crypto from third-party wallets. This fact will give it an advantage over Coinbase, Kraken, and others.

Moreover, Revolut’s crypto service is very simple to use. For example, with the touch of a button, a user can go straight into buying fiat currency. Furthermore, the firm specializes in fiat and cryptocurrencies. As a result, a customer can do many crypto crosses that a user can’t do anywhere in the world.

Importantly, in the beginning, it will be possible to work with Bitcoin and Ether. However, the company expects to add more currencies in the near future. Revolut will analyze the account user demand to determine which currencies to add in the future. 

Fintech firm has the chance to earn money thanks to this decision. The U.S. has a huge market and it is not surprising that foreign companies would like to expand their services in the country. Revolut and other companies should work with different groups to make crypto more visible in the U.S. as well as other countries.