Digital bank Revolut announced on Wednesday that Revolut U.S. has officially made its debut. According to Revolut, U.S. customers are now able to buy, hold, and exchange Bitcoin as well as Ethereum. Users may also automatically round-up their spare change from their Revolut card into cryptocurrency.
“You can move in and out of the market in real-time. We’ll send you instant notifications and alerts so you’ll always know what the market is doing and get opportunities to trade at the price you want. You can even set up auto-exchange so we handle everything for you, at prices you set.”
Once users have exchanged their money into crypto in the app, they can:
- Hold it securely, just like you would any other currency
- Instantly transfer it to other Revolut users for free
- Exchange it into any other supported cryptocurrency or any of our 28 currencies using great rates
Revolut also reported for the first 30 days, it will waive commission and fair usage fees customers can buy or sell crypto.
“In true Revolut fashion, we’re being completely transparent with our customers. Starting on August 15, 2020 we’ll apply a small commission of 2.5%, with no other hidden fees or charges during the exchange process. Premium customers are charged 1.5% commission.”
Revolut U.S.’s cryptocurrency feature will be available to all customers in the U.S., except customers in Tennessee. The platform added it is working with Paxos Trust Company to provide users with high liquidity, market-low rates and fast execution.
“Paxos is an established, secure, and trusted exchange that is licensed to engage in virtual currency business activity by the New York State Department of Financial Services.”
Paxos also reported on the collaboration with Revolut by noted that with the integration, its custodies all crypto assets on behalf of Revolut U.S. users so they have access to crypto trading. Paxos manages the licensing and regulatory needs while Revolut can manage the UI and promotion of the new service.