Revolut Expands Crypto Offering – But Not in the US

Fintech challenger bank Revolut accelerated its plans to offer crypto buy and sell services due to recent actions by central banks, said head of crypto Edward Cooper.

AccessTimeIconApr 6, 2020 at 9:00 a.m. UTC
Updated May 9, 2023 at 3:07 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

U.K. challenger bank Revolut said all standard users will now be able to buy and sell cryptocurrencies supported in its banking app, though this won't include U.S. residents for now.

Revolut had already planned to expand its crypto offering later this year. But in an email to users, the bank's head of crypto, Edward Cooper, said growing concerns about the potential economic impacts of central bank quantitative easing and currency devaluation had hastened the move to Friday.

  • Traders Are 'Valuable Resource' for Crypto Market: Analyst
    06:08
    Traders Are 'Valuable Resource' for Crypto Market: Analyst
  • JPMorgan: Coinbase Would Benefit From ETH Merge; EU Lawmakers Seek to Cap Banks’ Bitcoin Holdings
    01:37
    JPMorgan: Coinbase Would Benefit From ETH Merge; EU Lawmakers Seek to Cap Banks’ Bitcoin Holdings
  • Coinbase Phasing Out ‘Coinbase Pro’ for ‘Advanced’ Mode in Main App
    06:52
    Coinbase Phasing Out ‘Coinbase Pro’ for ‘Advanced’ Mode in Main App
  • Robinhood Plans ‘Web 3’ Crypto Wallet for DeFi Traders, NFT Buyers
    05:49
    Robinhood Plans ‘Web 3’ Crypto Wallet for DeFi Traders, NFT Buyers
  • Revolut – which raised $500 million in a Series D earlier in the year – has allowed users to purchase crypto directly from the app since it added support for bitcoin in 2017. Although users can trade digital assets with other Revolut users, they cannot take them out of the app.

    Revolut expanded to the U.S. in late March. The bank said at the time new U.S. customers would only have access to its core features. Additional services, such as its crypto-buying service, would be added at a later date.

    A Revolut spokesperson confirmed to CoinDesk that U.S. users were still not able to trade crypto on the app, though they said it is "only because the feature has not launched there yet."

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


    Read more about