In Brief:
- Revolut is allowing U.S. customers to trade up to $200,000 a month in crypto without icurring commission-free
- Revolut wants to increase brand awareness among Americans after the coronavirus pandemic muted early marketing efforts.
Revolut, a digital bank based in the United Kingdom, has announced fee-free crypto trading for up to $200,000 worth of trades per month in an effort to grow its user base in the United States.
The firm is also offering its 300,000 US users no-fee out-of-network ATM access, as well as the ability to send 10 free remittances each month.
“The free crypto part is part of a larger pitch to investors that we’re a provider of services,” as per the CEO of Revolut in the United States Ron Oliveira.
Last year, the London-based company expanded to the United States, and it already has a sizable client base in border states like California and Arizona, where its remittance services are popular. According to Oliveira, the company aspires to make the US its second-largest market after the UK.
The digital banking app market in the United States is congested, with established brands such as PayPal, Venmo, Square, and others fighting for a slice of customers’ financial services and crypto trading business. PayPal, Venmo, and Robinhood, for example, all allow fee-free trading.
It presently supports Bitcoin, Bitcoin Cash, Litecoin, and Ethereum, whereas Coinbase, another US competitor, supports dozens of digital currencies.
According to Oliveira, Revolut offers a lot of features throughout its site that may make it uncomparable for US users, including savings, remittances, and access to airport lounges.
Revolut began operations in the United States during the COVID-19 pandemic, and the company now wants to increase its marketing efforts by leveraging additional digital platforms and social media influencers.
In September, the firm used bitcoin to pay for its largest U.S. office, a WeWork in Dallas.
Revolut, which was formed in 2015 by Nikolay Storonsky and Vlad Yatsenko, has plans to introduce a token, however, it will not be available in the United States at first.
