- UK challenger bank, Revolut, announced the expansion of its crypto offering.
- Bank already planned to do this later this year, but growing financial concerns caused it to move its plans.
- The expansion will take place this Friday, although it will not include Revolut's US users.
UK-based digital bank Revolut recently notified its customers of a major change in its crypto offering plan. The bank originally intended to take things slowly and expand its crypto offering later in 2020. However, recent development influenced this decision, and the bank chose to speed things up.
Revolut app to receive new capabilities
According to the new email to users by Edward Cooper, Revolut’s head of crypto, the move will happen this Friday. Cooper spoke about the change, stating that there is are growing concerns regarding the potential economic impact that traditional banks’ recent moves may have.
Mainly, many are concerned about the potential for currency devaluation. With that in mind, Revolut wishes to offer the alternative to its users before this has a chance to happen. The bank added support for Bitcoin back in 2017, and its users could buy the coin directly in the Revolut app ever since.
The coins cannot leave the app, but users can still trade them with one another, as long as they are Revolut members.
Revolut’s crypto expansion will exclude US customers
Several days ago, Revolut also announced its expansion into the US. The expansion comes as a big move for the bank, as it opens up an entirely new market. US customers got access to all of the core features, but they were not granted access to crypto. The reason for this is the lack of clarity regarding regulations in the country.
Without knowing what it may and may not offer, Revolut decided not to take any chances. The crypto-buying service will come at a later date, as the bank said at the time. However, it is likely that it wishes to consult with the country’s regulators before it makes such a move. In other words, US-based Revolut users should not expect the feature to see the launch in their country for some time yet.