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.
- 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.
- 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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.