British fintech and banking firm Revolut has further expanded its cryptocurrency offering in the US with the addition of 29 new tokens.
Customers in the US can trade Avalanche (AVAX), Solana (SOL), and Dogecoin (DOGE) alongside Bitcoin, Ethereum, Bitcoin Cash, Litecoin and other already-installed tokens. The company stressed that crypto is a big priority and it had plans to further expand its offering to more tokens in the near future.
The challenger bank recently increased its fair usage caps, enabling US consumers to trade crypto up to $200,000 per month. Revolut, which is valued at $33 billion, has also launched price alerts, the ability to recur transfers, and enabled customers to buy crypto with their “spare change round-ups”.
“Today we’ve more than quadrupled our token portfolio to give our customers access to a much more diverse crypto offering. Trading is commission free up to $200,000 a month,” Revolut global business head for crypto Mazen Eljundi said in the announcement.
Revolut, which bills itself as a ‘digital banking alternative’, has broadened its offering in the US through a new partnership with Apex Fintech Solutions, which was awarded recently a coveted license to deal in cryptocurrencies in New York.
Apex Crypto was granted a so-called BitLicense by the New York State Department of Financial Services (NYDFS), joining a handful of firms who the approval to operate in the state. It now legally operates as a money transmitter and digital currency exchange.
Apex opens the door for its partners to include the crypto assets into their clients’ portfolios alongside traditional brokerage assets, which has been disjointed in the past. From a legal and regulatory standpoint, the platform offers compliant custody and trading services for clients in most US states.
We last reported on Revolut earlier this month when the Kanto finance bureau of Japan’s Ministry of Finance (MoF) issued a business improvement order to improve its AML compliance.
The order came after the Japanese watchdog conducted an on-site inspection of Revolut Technologies Japan. The raid found “serious problems” in the challenger bank’s internal control for governance, management of outsourced contractors, as well as money laundering and terrorist financing risk management.
The agency went on to say that Revolut’s safeguards against money laundering contain holes that can be exploited by criminal organizations and terrorist groups. The Japanese subsidiary also failed to create sufficient governance for offering funds transfer services properly and consistently.
