Revolut Launches Zero-Fee Crypto Service to Bolster U.S. Business
Despite its success in Europe, crypto broker Revolut remains largely unpopular in the U.S
However, to drive awareness and bolster its business activities, the fintech company has begun offering crypto transaction-free services to customers in the U.S.
Freebies for American Customers
The company which launched in the U.S. in March 2020 now offers commission-free services to trading volumes of up to $200,000 per month.
Revolut also announced Monday that part of the free services will cover up to $1,200 of out-of-service ATM withdrawals. The company will also let users make 10 international remittance payments free of charge to friends or families to over 30 countries. Some of these countries include Australia, Japan, and France.
The company had previously billed customers fees of about 1.5% to 2.5% per transaction. Revolut is ready to let all of these fees go to sink its name in the minds of many crypto enthusiasts in the U.S.
Revolut and its Activities
According to the CEO, Revolut has about 300,000 active users in states like California and Arizona where its remittance services are quite popular. While the company’s biggest market remains the United Kingdom, where it first started, Revolut has a major goal of making the United States its second-largest market.
It is not known how Revolut plans to do this. But it is worthy to note that the U.S. is already crowded with crypto exchanges like Coinbase, PayPal, Square, and Venmo.
Revolut launched as a foreign exchange tool in London in 2015 and has grown into a ‘financial app’ that offers current accounts, crypto trading, stock, and various products to its users. According to a recent report, the firm plans to offer stock trading services to its U.S. users.