Only a couple of days after the reports of Revolut limiting its crypto services in the United Kingdom surfaced, the fintech launched cryptocurrency trading services in New Zealand. The services will be available to customers in the country starting today (Wednesday).
According to the official press release, the London-headquartered fintech has supplemented its service in the country with the ‘Learn and Earn’ program, offering free courses for crypto traders. Further, it has partnered with and integrated Koinly to ease the crypto tax filing for New Zealanders.
“Revolut is excited to edge closer to our goal of simplifying the money experience for Kiwis by expanding into new verticals like education and trading,” said Georgia Grange, Revolut’s Head of New Zealand.
“By adding crypto and educational tools like Learn and Earn to our New Zealand platform, Revolut strives to make accessing and investing in cryptocurrencies – previously deemed time-consuming, difficult, and expensive- easy. Through our offering, Revolut aims to drive seamless access to alternate asset classes and provide educational content to help Kiwis navigate it responsibly.”
The fintech will offer more than 100 digital currencies, including top ones like Bitcoin, Ethereum, and XRP, to its customers in New Zealand, allowing them to buy and sell these cryptos. However, it is unclear if the platform will allow the customers to transfer their holdings out of Revolut. For its crypto offerings in the EU, Revolut does not allow its customers to transfer the tokens outside the platform.
Crypto Strategy of Revolut
Revolut is a most valued fintech in the UK, where it operates with a payments institution license. The company is now seeking a banking license in the country to expand its offerings further, probably into lending.
Although the fintech has been offering cryptocurrencies for many years, it strategically limits and expands such offerings. Most recently, a media report revealed that the platform will suspend crypto purchasing for its business customers in the UK, citing the incoming regulations in the country. It closed all its crypto services in the US earlier this year.
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