Revolut Partners With Paxos To Offer Its Crypto Services In US

Jyoti  |  Jul 16, 2020

The major fintech firm of the UK, Revolut, is ready to introduce its crypto services in the United States’ market.

The UK-based fintech firm has announced that other than Tennessee’s citizens, all other users around the country could start trading cryptocurrency on Revolut’s app from July 15.

Initially, the company decided to launch its services for the US citizens in April but could not do so.

Revolut Using ‘Plug And Play Brokerage Service’ Of Paxos

Since a very long time, the European clients of the Neobank are using the services of Revolut.

Edward Cooper, who is the head of the crypto at Revolut, is hoping that like in Europe, the cryptocurrency gains more users in the US. 

It is to be noted that presently, around 60,000 users in the country are using Revolut.

Revolut has recently collaborated with Paxos to offer tokens to the citizens of the US.

While making an announcement, the company said that it would use Paxos’ plug and play brokerage service so that users in the states could use Revolut’s trading services, without getting involved into any kind of regulatory and technological hurdles.

Revolut Already Offering Services For Fiat Products 

It also mentioned that in the US, Paxos is the crypto custodian for Revolut, therefore, all the regulatory matters in the country would be held by the New York-based company.

Recently, the CEO of Revolut, Nik Storonsky, shared his views on company’s recent expansion and he said, “In order to expand our crypto offering to US customers, we had to find a trusted partner. We chose Paxos Crypto Brokerage because their turn-key solution is fully compliant and easy to integrate”.

In March 2020, Revolut released its fiat products in the US for the users. They could use the product via an app which is available on Apple App Store and Google Play Store.

Revolut added that its app can convert 28 fiat currencies into any cryptocurrency.

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