Revolut Expands Crypto Trading Service To Australia

One of Europe’s largest brokerage firms is offering crypto trading services in Australia.

Revolut Ltd., the London-based startup mobile bank, announced Thursday (Sept. 3) that Aussie customers can now buy and sell up to six digital assets including bitcoin, ether, litecoin, bitcoin cash, XRP and stellar through its app.

Customers will also have access to real-time notifications on price movements.

Users can now convert Australian dollars, alongside 26 other currencies, into cryptocurrency using the app, reports said.

Revolut Australia CEO Matt Baxby said the service will make cryptocurrencies more accessible.

“Buying and selling cryptocurrencies can be incredibly complicated and confusing for the uninitiated, which means many Australians don’t know how to access cryptocurrency as an investment option,” Baxby said in a statement. “We’re cutting out that complexity … anyone can easily set up an account in minutes and start buying and selling digital currencies instantly, alongside all our other great features.”

The release of Revolut’s cryptocurrency feature follows its launch in Australia last month, part of its plan to offer new features. The company said more than 6,000 cryptocurrency accounts are activated daily and 1 million customers use the feature.

“By making cryptocurrencies easier to access for everyone, we’re trying to do what the internet browser did for the internet,” Edward Cooper, Revolut’s head of crypto, said in a statement.

Last month, Revolut expanded into cryptocurrency trading with assistance from Paxos Trust Co., the New York-based company that operates as a platform as a service company.

In July, Revolut secured $80 million in new funding at a $5.5 billion valuation as part of its Series D round that kicked off in February. The latest infusion of cash comes from TSG Consumer Partners, a San Francisco-based private equity company, TechCrunch reported.

Last year, Revolut posted a total loss of £106.5 ($139.6 million), up from £32.9 million ($43.7 million) in 2018. The startup said the losses stemmed from its expansion into new markets and the introduction of new products.

“While we still have some way to go, we are pleased with our progress in 2019,” Revolut Founder Nik Storonsky told CNBC at the time. “We increased daily active customers by 231 percent and the number of paying customers grew by 139 percent.”