British digital bank Revolut has disclosed that it will be providing a fee reduction scheme for its users based in the U.S., effectively raising its limit for crypto trades on a monthly basis.
Revolut’s U.S.customers may now trade up to $200,000 (USD) worth of crypto transactions per month without any commission fees charged on their accounts. The digital bank previously provided a limit of only up to $200 per monthly cycle for the said charges, hence giving a new, 1000x threshold for prospective crypto investors.
The move comes as Revolut tries to capture its share of the U.S. crypto and fintech payments market. In March this year, the $33 billion British digital bank applied for a bank charter in the states, pending approval from the Federal Deposit Insurance Corporation (FDIC) and the California Department of Financial Protection and Innovation (CDFPI) last month.
“We had a very quiet opening. Now it’s about where are we going from here. What we’ve discovered is that we have the deepest and widest offering of any fintech in the United States today.” shared Ron Oliveira, Revolut’s CEO for the U.S.
Oliveira, who has led the digital bank’s U.S. expansion strategies since November of 2019, is set to exit the company in the coming months as the new services and product offerings roll out. Oliveira further explained that Revolut is thinking about restructuring its crypto offerings alongside its primary banking platform:
“Is crypto inside or outside the bank? For us, crypto is outside the bank. How it’s structured is that if you have the Revolut app and you want to buy crypto, you’re not going into the bank to buy that, you’re going outside the bank. You’re going to a different entity to do that.” the executive said.
Revolut was recently granted a license to offer commission-free trades last month, and is now operating with a U.S. broker-dealer license, competing with similar startups in the U.S. market such as Robinhood and Square. It has also applied for a similar license in the U.K. and Europe, which constitutes the majority of its now 16 million users. The digital bank facilitates an average of over 150 million transactions per month across a range of financial and banking products.
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