Revolut partners with Paxos to bring cryptocurrency trading to the US
Neobank Revolut launched in the U.S. a couple of months ago. The startup is slowly catching up with features that are available in the U.K. and Europe. This time, Revolut is adding cryptocurrency trading through a partnership with Paxos.
Users in the U.S. can now buy, hold and sell Bitcoin and Ethereum from the Revolut app. The feature is going to be available in 49 states as there are some regulatory issues in Tennessee. If you have USD or other currencies in your Revolut account, you can exchange manually whenever you want.
You can also set up alerts in case there are some important price changes happening. Optionally, users can also round up card payments to the nearest whole dollar and convert spare change into crypto assets.
If you're familiar with Revolut's cryptocurrency feature, you know that the company gives you access to more cryptocurrencies in Europe, such as Litecoin, Bitcoin Cash and XRP. The company says it is starting with BTC and ETH in the U.S. but is already working on bringing more cryptocurrencies.
When it comes to fees, users with a free Revolut account will pay 2.5% in conversion fees. Users with a Premium and Metal subscription will pay 1.5% in fees. Revolut is waving fees for the first 30 days.
This is in line with the company's current fees in Europe. Revolut also has some monthly limits on currency exchange in general for free users as well - it can be fiat currencies or cryptocurrencies. You have to pay a 0.5% fee above that limit or pay for a subscription.
Revolut made some changes to its cryptocurrency feature recently. While you now technically own your cryptocurrencies, you can't send and receive cryptocurrencies from third-party wallets. The feature is all about trading - buying, holding and selling.
In the U.S., Square's Cash App and Robinhood also let you buy cryptocurrencies in their respective app. While those features don't offer the same flexibility as a full-fledged cryptocurrency exchange, it makes it easy to get started with cryptocurrencies.