Only after a month of entering the Australian market, UK-headquartered challenger bank, Revolut has launched cryptocurrency trading services in the country.
The mobile-based banking app now allows its Aussie customers to trade six major digital currencies: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Ripple (XRP), and Stellar (XLM), against the Australian dollar. Revolut customers can also convert 26 other supported fiats to cryptos.
“We’re very excited to be adding another feature to our Financial SuperApp with the introduction of our cryptocurrency exchange services,” Revolut Australia CEO, Matt Baxby said.
He also pointed out the complex process of purchasing digital currencies in the country that prevent many Australians from accessing them as an investment option.
“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,” Baxby added.
Crypto Is Slowly Entering into the Mainstream
Revolut first introduced cryptocurrency trading services to its premium clients in late 2017 and later expanded it to all its European users.
According to the exchange, it has over 1 million customers in Europe trading digital currencies and adding more than 6,000 new cryptocurrency trading accounts daily.
With the demand growing crypto, the fintech company also updated the terms of its crypto offerings, giving its users a so-called ‘beneficial right’ to their holdings. However, the users can only transfer their digital currency holdings with another Revolut user, not to any outside wallet address.
Revolut is adding crypto to its platform when the demand for this new asset class is rising in the country, and many other major cryptocurrency exchanges are also entering the market.
“Traditional crypto brokers are known to charge a number of hidden costs, such as deposit and exit fees. With Revolut, we transparently display the exchange rate at the point of exchange, and there are no hidden fees,” Edward Cooper, head of crypto at Revolut, said.