After opening its doors to Australians last month, One of the largest brokerage firms in Europe is now offering cryptocurrency trading services.
The British Money App Revolut announced on September 3rd that tens of thousands of Australian customers can now buy, sell and hold crypto assets.. Users can convert their Fiat to Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), XRP and Stellar (XLM).
Revolut stated that its “Metal Plan” customers could now transfer digital assets to other usersas well as the ability to round credit card payments to nearly a dollar so your remaining change can be used to purchase cryptocurrencies. Standard and Premium customers of the app will be the next to have access to Revolut’s electronic trading functions.
“”Buying and selling cryptocurrencies can be incredibly complicated and confusing for the uninitiatedThis means that many Australians do not know how to access cryptocurrencies as an investment option, “said Matt Baxby, CEO of Revolut Australia.
The app launched publicly last month with a range of more traditional financial services.. It was a highly anticipated release with 30,000 people waiting on the app’s list and 25,000 Australians taking advantage of the beta. In Europe, Revolut has more than 1 million users on its cryptocurrency exchangesand every day they open about 6,000 new accounts.
Edward Cooper, Head of Cryptocurrency at Revolut, said:
“By making cryptocurrency easier to access for everyone, we are trying to do what the internet browser did for the internet.”
Australia is becoming increasingly important in the field of cryptocurrencies. According to analytics site CryptoCompare, the Australian dollar (AUD) ranks 17th in the world (BTC) today on a currency-neutral basis and has a 24-hour trading volume of 528 BTC USD 6 million at the time of going to press. However, AUD is often used on its own as a driveway, with significantly more trading by Australians among cryptocurrencies themselves.
It’s great to see @ RevolutApp Integration of cryptocurrency payments into the nationwide product range https://t.co/YG3T334oEJ
– Steve Vallas (@stevevallas) September 3, 2020
The country also attracts the attention of some of the world’s largest stock exchanges.. In January Kraken bought Bit Trade, what was then Australia’s oldest cryptocurrency exchange. After launching Binance Lite Australia in 2019, Binance launched a “Fiat to Crypto” platform for Australian cryptocurrency traders in July. Users of both exchanges can deposit AUD from bank accounts that support the PayID system and the main Binance site is now accepting AUD deposits from PayID as well..
The large cryptocurrency exchange Gemini has no branch in Australia, but continues to provide its services to traders in the country. In August, the exchange announced that it had added support for users to trade AUD.