Revolut entered the American market, crypto options still pending

The European neobank allows 28 currencies in their app, cryptocurrencies to be added later.

Revolut, the financial app used by more than 10 million Europeans is crossing the ocean and landing in the United States as the company announces the official launch this Tuesday.

Starting today both app and financial services of the European fintech startup will be available for American users, who can claim for their Revolut Visa or Mastercard debit card.

The company is often referred to as neobank, which operates exclusively online without traditional physical branch networks. The UK-based Revolut is building a financial service to replace traditional bank accounts and already has over 10 million users across the European continent. The users are able to open a multi-currency account in a few minutes and also spend, send, receive and manage money from a mobile app, customized both for Android and iOS.

Although the American users can hold and exchange up to 28 currencies in the app, including British Pounds, Canadian Dollar and the Euro, the addition of cryptocurrencies is still to be announced in the nearest future.

Meanwhile, the European users of the Revolut app are able to buy and sell digital currencies, such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Bitcoin Cash (BCH) and Ripple (XRP).

The company partners the Metropolitan Commercial Bank (MCB) for the banking infrastructure as Revolut itself is not a bank in the US, it only offers technology that interfaces with another bank’s services. However, all the deposits will be FDIC insured up to $250,000.

Last month the fintech startup raised a $500 million Series D funding round, valuing Revolut at $5.5 billion.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

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Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia