London-based neobank Revolut is expanding its crypto offering for U.S. customers as it seeks to build market share against rivals including Coinbase and Robinhood.
Revolut is adding 29 new tokens in the U.S., including dogecoin, SOL, AVAX and shiba inu, according to a release today. The bank's offering is being broadened through a new partnership with cryptocurrency service provider Apex Crypto.
"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. Trading is commission free up to $200,000 a month, he added.
The release, however, notes that some tokens are pending approval from the New York department of financial services.
Previously, Revolut partnered with Paxos to provide digital asset custody for its U.S. operations but it ended this relationship in early August. In an email sent to U.S. clients at the time, Revolut said the change would allow it to offer additional currencies and new functionalities such as crypto deposits, withdrawals and staking in the near future.
Going full crypto
The move to offer such features represents a broader push into digital assets by the European fintech giant, which was valued at over $33 billion last year. In a May interview with The Block, founder Nik Storonsky confirmed that it's aiming to launch its own native token along with a non-custodial wallet.
The company, however, still faces some regulatory headwinds in its native UK. Having yet to receive a permanent license in Britain to operate as a cryptoasset firm, it's still the only name on the temporary register on the UK financial authority's list for such firms. Its longstanding ambition to obtain a banking license in the UK has also yet to come to fruition despite putting forward its application back in January 2021.
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