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Digital Bank Revolut Expands Crypto Buying and Selling Service to Australia

The U.K.-based fintech firm has opened its cryptocurrency services to Australian residents.

Sep 3, 2020 at 8:47 a.m. UTC
Updated Sep 14, 2021 at 9:51 a.m. UTC

Revolut has opened its cryptocurrency services to Australian residents.

  • According to a press statement received by CoinDesk on Thursday, Australian customers of the digital banking firm can now buy and sell up to six different digital assets and receive real-time notifications updating users on price movements.
  • The offering supports bitcoin (BTC), ether (ETH), litecoin (LTC), bitcoin cash (BCH), XRP and stellar (XLM).
  • Australian members of the firm's premium Metal service will get first access.
  • Users can now convert Australian dollars, alongside 26 other fiat currencies, into cryptocurrency using the app.
  • In early August, Revolut made its first foray into the Australian market with fiat-based banking services including remittances and loans.
  • Founded in July 2015, U.K.-based Revolut is a financial services platform offering banking products through its mobile app, generally targeting younger, web-savvy customers.
  • The company has been expanding its crypto offerings internationally this year, most recently to the U.S.
  • In July, Revolut updated its terms giving users legal control over their own cryptocurrency on the platform – though they are still not allowed to transfer digital assets out of the Revolut ecosystem.
  • Previously Revolut conducted cryptocurrency transactions on behalf of its customers.
  • The fintech firm began its foray into crypto in the summer of 2017 after completing a $66 million series B funding round led by Index Ventures, BitPay, Xapo, Balderton Capital and Ribbit Capital.

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