Revolut has rolled out crypto trading services within its application for Kiwi customers. The moves comes barely two days after the British fintech firm said it plans to pause some of its cryptocurrency services for UK business customers next month.
The crypto capabilities of Revolut’s application will enable customers to buy and sell over 100 crypto tokens, including popular ones like BTC, XRP, and ETH. Users can also set up watchlist alerts for added security and a seamless user experience.
Revolut also announced a new partnership with Koinly to simplify the crypto tax process for its New Zealand clients. The integration with Koinly will offer users 20-60% discounted crypto tax reports if they sign up and download a tax report before April 25, 2024.
In addition to crypto trading, Revolut introduces the “Learn & Earn” feature, offering free in-app courses to educate users on various crypto-related topics. The seven-course suite covers fundamental concepts, popular tokens, blockchains, protocols, and regulations, providing a valuable resource for enhancing users’ knowledge of the crypto and digital asset market.
Earlier in July, Revolut officially made its much-anticipated entry into the New Zealand market. With an extensive waitlist of more than 26,000 eager Kiwis, the challenger bank concluded its testing phase.
The app enables its users to make zero-free P2P money transfers between its 30 million customers in more than 50 countries. Revolut has opened a waitlist for the app, which doesn’t charge fees for money transfers between Revolut accounts.
Revolut offers a global account with no monthly fees, allowing users to hold five major currencies and transact in over 200 currencies. Users can enjoy low-cost foreign exchange, international money transfers, and up to $350 NZD in free ATM withdrawals per month. Foreign currency exchange is available 24/7 at bank-beating rates, though fair-usage limits and weekend fees may apply.
The process only takes customers a few minutes from within the app. Internal transfers complete instantly between Revolut accounts, while transactions with external wallet take up to one working day.
Throughout the process leading up to the launch, Revolut has collaborated with local industry bodies such as Fintech New Zealand, Consumer New Zealand, Payments New Zealand, and regulatory authorities to comply with all relevant standards.
The British-born startup is confident that the move would yield more business after a survey showed that a staggering 40 percent of Kiwi consumers expressing a lack of trust in traditional banks. Revolut’s research also indicates that 98 percent of everyday Kiwis want a money management tool that provides them with visibility and control over their finances.