After opening its doors to Australians last month, one of the largest brokerage firms in Europe is now offering crypto trading services.
U.K.-based money app Revolut announced on Sept. 3 that its tens of thousands of Australian customers are now able to buy, sell, and hold crypto assets. Users can convert their fiat into Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), XRP, and Stellar (XLM).
Revolut stated that its ‘Metal plan’ customers could now transfer digital assets to other users, as well as exercise the option to round up credit card payments to the nearly dollar, so their spare change could be used to purchase crypto. The app’s standard and premium customers will be the next in line to get access to Revolut’s crypto trading features.
“Buying and selling cryptocurrencies can be incredibly complicated and confusing for the uninitiated, which means many Australians don’t know how to access cryptocurrency as an investment option,” said Revolut Australia CEO Matt Baxby.
The app publicly launched last month with a range of more traditional financial services. It was a highly anticipated launch with 30,000 people on the app’s waitlist and 25,000 Australians using the beta version. In Europe, Revolut has more than 1 million users, with roughly 6,000 new crypto accounts added daily.
Edward Cooper, Head of Crypto at Revolut, said:
“By making cryptocurrencies easier to access for everyone, we’re trying to do what the internet browser did for the internet.”
Australia is growing in importance in the crypto realm. According to analytics site CryptoCompare, the Australian dollar (AUD) is today ranked 17th globally for Bitcoin (BTC) volume by currency and had a 24-hour trading volume of 528 BTC, or $6 million at the time of writing. However AUD is often just used as an on-ramp, with considerably greater trading by Australians between cryptocurrencies themselves.
Great to see @RevolutApp integrating cryptocurrency payments…