Neobank Revolut, located in London, is increasing the range of cryptocurrencies it offers to users in the United States as it competes with Coinbase and Robinhood for market dominance.
According to a release issued today, Revolut is introducing 29 new tokens in the United States, including dogecoin, SOL, AVAX, and shiba inus. Through new cooperation with bitcoin service provider Apex Crypto, the bank is expanding its portfolio.
“Today we’ve more than quadrupled our token portfolio to give our customers access to a much more diverse crypto offering,” Revolut global business head for crypto Mazen Eljundi said in the announcement. Up to $200,000 in trading per month is commission-free, he explained.
The New York department of financial services has not yet approved all of the tokens, according to the announcement.
Prior to early August, Revolut had a partnership with Paxos to provide digital asset custody for its American operations. Revolut stated that the update would soon enable it to provide more currencies and new functions like cryptocurrency deposits, withdrawals, and staking in an email addressed to U.S. customers at the time.
Going full crypto
Offering these functionalities is part of the European fintech giant’s larger push into digital assets; it was valued at over $33 billion last year. Nik Storonsky, the company’s founder, stated in a May interview that the company plans to introduce a non-custodial wallet along with its own native coin.
However, the business still has to contend with some regulatory challenges in its native UK. It is still the only name on the temporary register on the UK financial authority’s list for such organizations despite not yet having obtained a permanent license in Britain to conduct business as a crypto asset firm. Despite having submitted an application in January 2021, it has also not yet fulfilled its long-standing goal of getting a banking license in the UK.