Revolut Will Introduce Crypto in 50 States

Revolut is arriving to smartphones in the United States with a range of crypto before tax day. After raising $500 million on a $5.5 billion valuation, Revolut has got a status of one of the most valuable fintech companies in Europe. Revolut is a kind of a neobank: just a bank without the expence and convenience of physical branches or problems with licensing.

Revolut has already earned the fame in Europe. On its home soil, it allows users to exchange Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH) and XRP for one of 29 fiat currencies. Revolut plans to bring the same crypto service to its clients in all 50 U.S. states.

Dan Westgarth, general manager for North America, provided comments for Revolut’s offering in the U.S.

Speaking about the crypto landscape in the U.S., Dan noted that Square is their strongest competitor. However, unlike Square’s Cash App which offers only Bitcoin, Revolut brings four more cryptocurrencies.

Cryptocurrency is a primary source of revenue for the firm and a key driver of user acquisition.

Collecting $500 million shows that investors like crypto

When asked about whether the Revolut’s investors considered its speculations with cryptocurrency as risk, Dan answered:

“Our investors like crypto, they don’t mind the risk as long as it is well-managed, and we are good at it.”

Asset-backed tokens are the future

Dan is sure that asset-backed tokens have a strong potential:

“It’s easy to buy stocks or bonds, even cryptocurrency, but for an unsophisticated investor to gain exposure to commodities is almost impossible. So, if there was a token pegged to diamonds or gold, this could be very appealing.”