By
Chimamanda U. Martha
April 17th, 2024
Over time, Revolut will integrate full-scale staking service as it looks to position itself as one of the primary crypto hubs serving customers in the United States.
British financial technology and digital bank, Revolut has added support for 29 new tokens as it looks to expand its operations in the United States. As unveiled by the firm, the new service is made possible through its partnership with Apex Crypto, and beyond the regular trading, Revolut is exploring additional product offerings for its potential customers.
As announced, the tokens that were added include Solana (SOL), Avalanche (AVAX), Shiba Inu (SHIB), and Dogecoin (DOGE) to mention a few. None of the newly added tokens are adjudged as a security by the United States Securities and Exchange Commission (SEC), and by Revolut’s expectations, will help solidify its position as a major crypto broker in the US.
The firm hopes to compete with homegrown exchanges like Coinbase Global Inc (NASDAQ: COIN) and Robinhood Markets Inc (NASDAQ: HOOD). While it is unclear how the British fintech unicorn hopes to gain a fair market size, it notably hopes to attract new customers as it said trading on its platform comes at no commission up to $200,000.
“Today we’ve more than quadrupled our token portfolio to give our customers access to a much more diverse crypto offering,” Revolut global business head for crypto Mazen Eljundi said in the announcement.
Over time, Revolut will integrate full-scale staking service as it looks to position itself as one of the primary crypto hubs serving customers in the United States.
The company had made related moves to extend its footprint in the US and partnered with Paxos to offer tailored custody services. The deal was terminated in early August with Revolut promising its customers back then that the deal will help introduce a broader and more beneficial product suite in the future.
Revolut and Regulatory Impasse
According to the company’s announcement, it has more tokens in the pipeline that will be added to the current option it has for trading in the US, but their addition is subject to approval from the New York Department of Financial Services (NYDFS).
Among the tailored offering it plans to roll out in the near future includes crypto deposits, withdrawals, and staking.
While it seems to be making some headway in its crypto offshoot business pursuits, Revolut still has a number of regulatory headwinds to battle in the UK. The license to transition into full banking business is yet to be approved by the Financial Conduct Authority (FCA) and it is also yet to receive a permanent endorsement from the regulator to operate as a full-fledged crypto business.
Based on its persistence to get a regulatory nod from the FCA, it is the only company left in the temporary register of the FCA for firms looking for such approval. Revolut is valued at over $33 billion, making it one of the most valuable fintech startups in the UK and the European Union region.