London-based neobank Revolut has listed 29 altcoins for its US customers as it tries to increase its market share against rivals such as Coinbase and Robinhood.
The company has agreed with brokerage service provider Apex Crypto for its decision to expand its crypto investment vehicles. With this agreement, America will offer its customers 29 different crypto money services, including Dogecoin. The content of the agreement also includes add-ons such as crypto deposits and withdrawals, crypto staking.
Revolut to Compete with Coinbase and Robinhood
Mazen Eljundi, the company's global head of cryptocurrencies, stated that they have more than quadrupled their crypto portfolio to provide more diversity to customers. Underlining that the trade to be made will be commission-free up to 200 thousand dollars a month, Eljundi said that he is sure that they will see more demand in America.
Mazen Eljundi, head of global cryptocurrency Revolut, said in a statement on the subject:
“Today, we have more than quadrupled our cryptocurrency portfolio to give our customers access to a much more diverse range of cryptocurrency products. Zero commissions up to $200,000 per month with cryptocurrency trading.” However, it was stated that some altcoins are awaiting approval from the New York financial services department.”
Aiming to create a market share against its competitors such as Coinbase and Robinhood, the London company will provide cryptocurrencies to its American customers, including projects such as Dogecoin, Avax and Shiba. The London-based company has not yet been approved for investment services to be conducted in the United States. However, according to his statements, the company gave the message that it will start its services in a short time.
The move to roll out such features points to huge interest in cryptocurrencies by the European fintech giant, whose valuation exceeded $33 billion last year. Nik Storonsky, the founder of Revolut, confirmed in an interview with The Block in May that it is aimed to launch its own tokens along with an unattended wallet. However, the company still faces some regulatory hurdles in the UK. Although it has not yet received a permanent license to operate as a UK crypto-asset company, it is the only name on the temporary registration for such companies on the UK financial authority's list. On the other hand, Revolut's long-standing passion for obtaining a banking license in the UK has not yet been finalized, despite the application made in January 2021.