One of the largest brokerage firms in Europe, which opened its doors to Australians last month, now offers cryptocurrency trading services.
British money app Revolut announced on September 3 that tens of thousands of its Australian customers can now buy, sell and store cryptocurrencies. Users can convert their fiat money into Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), XRP and Stellar (XLM).
Revolut said Metal Plan customers can now transfer digital assets to other users, as well as take advantage of the opportunity to round credit card payments to roughly a dollar, so that changing their reserves can be used to purchase cryptocurrencies. Standard and premium app clients will be the next ones to access Revolut cryptocurrency trading features.
“Buying and selling cryptocurrencies can be very difficult and confusing for beginners, which means that many Australians do not know how to access the cryptocurrency as an investment option,” said Matt Baxby, CEO of Revolut Australia.
The app was publicly launched last month with a number of traditional financial services. It was a welcome launch, with 30,000 people on the app queue and 25,000 Australians using the beta. In Europe, Revolut has more than 1 million users in the cryptocurrency exchange, and around 6000 new cryptocurrencies are added daily.
Edward Cooper, Head of Cryptography at Revolut:
“By making cryptocurrency easier for everyone to access, we are trying to do what the Internet browser has done.”
Australia is increasingly important in cryptography. According to analyst website CryptoCompare, the Australian dollar (AUD) is currently ranked 17th in the world for bitcoin (BTC) volume by currency, with a 24-hour trade volume of 528 BTC, or $ 6 million at the time of writing. However, the Australian dollar is often used only as an aid, as Australians trade more actively among the cryptocurrencies themselves.
The country is also attracting the attention of some of the largest stock exchanges in the world. In January, it bought Kraken Bit Trade, Australia’s oldest cryptocurrency exchange at the time. Binance also launched a cryptocurrency exchange platform for Australian cryptocurrency traders in July, after the release of Binance Lite Australia in 2019. Users of both exchanges can deposit Australian dollars from bank accounts that support PayID, and Binance’s home page now also accepts PayID deposits in Australian dollars.
The largest Gemini crypto exchange does not have a branch in Australia, but it still caters to traders in the country. In August, the exchange announced that it was adding support for users who trade in Australian dollars.