In a push to increase its user base in the U.S., digital bank Revolut is introducing fee-free cryptocurrency trading for up to $200,000 worth of trades per month, the FinTech announced Tuesday (Oct. 19).
Revolut is also offering its 300,000 U.S. customers no-fee ATM use out-of-network, as well as the perk of sending 10 free remittances each month.
“The free crypto part is part of a larger pitch to investors that we’re a provider of services,” Revolut’s U.S. CEO Ron Oliveira told Decrypt.
The London-based platform launched in the U.S. last year and has found its U.S. client base largely in border states such as California and Arizona, where its remittance services are a big attraction. Oliveira told the news outlet that the firm has its sights set on making the U.S. its second-largest market after the U.K.
U.S. competition among digital banking apps is crowded, with longer-established brands like PayPal, Venmo, Square and others each vying to get a piece of users’ financial services and crypto trading business. For example, PayPal, Venmo and Robinhood all offer fee-free trading.
Oliveira told Decrypt that he’s not worried about the competition, as Revolut offers numerous services across its platform that could make it irreplaceable to U.S. users, including those for savings, remittances and airport lounges, among others.
Revolut launched in the U.S. during the COVID-19 pandemic and now plans to boost its marketing efforts by tapping into expanded digital channels and social media influencers. In September, the company also paid for its largest U.S. office — a WeWork in Dallas — with bitcoin.
Co-founded in 2015 by Nikolay Storonsky and Vlad Yatsenko, Revolut also has plans to launch a token, although it would not be initially available in the U.S.