Neobank Revolut expanded its crypto investment tools by adding 29 tokens to U.S. customers through a partnership with Apex Crypto. This is part the company’s expansion into crypto services, including withdrawals and deposits as well as staking tokens.
Revolut, a London-based Neobank, is expanding its crypto offerings for U.S customers in an effort to gain market share against competitors like Robinhood and Coinbase.
Revolut aims to go all out on crypto
According to Revolut’s release, 29 new tokens will be added in the U.S. today, including SOL, AVAX, dogecoin and shiba Inu. Apex Crypto, a cryptocurrency service provider, is expanding the bank’s offerings.
“Today, we’ve more that quadrupled the token portfolio to provide our customers access to more crypto offerings,” Mazen Eljundi, Revolut’s global business head for cryptocurrency, said in the announcement. He said that trading is free of commission up to $200,000 per month.
However, the release notes that some tokens need to be approved by New York’s department of financial services.
Revolut previously partnered with Paxos in order to provide digital asset custody services for its U.S. operations. However, it ended the partnership in August. Revolut stated that the new change would enable it to offer additional currencies as well as new functions such crypto withdrawals, deposits, and staking in a near future.
Revolut will be launching its very own token and crypto wallet
This is a further push by European fintech giant Fintech Europe, valued at more \$33 million. The Revolut founder Nik Storonsky stated in a May interview that is aiming to launch its native token and a non-custodial wallet.
However, the company still faces regulatory hurdles in its home country. It has yet to be granted a permanent license to operate in the UK as a crypto asset company. However, it is still the only company on the temporary list of the UK financial authority’s list. Although it submitted its application in January 2021, the long-held ambition to obtain a bank license in the UK is still not realized.