Revolut, the London-based fintech giant, has made a bold move by launching its crypto trading services in New Zealand just days after news of restrictions on its crypto services in the UK surfaced.
Effective from today, these services will be accessible to customers in New Zealand.
In a statement released by the company, Revolut unveiled its “Learn and Earn” program as part of its expanded service offerings in the country.
This program aims to empower crypto traders with free educational courses, helping them navigate the world of cryptocurrencies.
Additionally, Revolut has collaborated with Koinly to simplify the crypto tax filing process for New Zealanders.
Georgia Grange, Head of New Zealand at Revolut, expressed her enthusiasm for the company’s expansion into new realms of financial services, saying, “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.”
By providing crypto trading and educational tools like “Learn and Earn” on their New Zealand platform, Revolut’s mission is to demystify the previously perceived complexities and costs associated with accessing and investing in cryptocurrencies.
The goal is to facilitate seamless access to alternative asset classes while also offering educational content to ensure responsible participation in the crypto market.
Revolut’s crypto services in New Zealand will feature a selection of over 100 digital currencies, including popular ones such as Bitcoin, Ethereum, and XRP, allowing customers to both buy and sell these cryptocurrencies.
However, it remains uncertain whether Revolut will permit users to transfer their crypto holdings out of their platform, as it does not allow such transfers for its EU-based customers.
In the UK, Revolut is already a highly valued fintech company operating under a payments institution license.
The firm is now in the process of seeking a banking license in the UK, which could potentially pave the way for further expansion into areas like lending.
Revolut’s approach to crypto services is strategic and adaptable, as evidenced by recent decisions to suspend crypto purchasing for its business customers in the UK due to incoming regulations.
Furthermore, earlier this year, the company ceased all of its crypto services in the United States.
In conclusion, Revolut’s expansion into the New Zealand crypto market, coupled with its commitment to providing educational resources, highlights its dedication to simplifying financial experiences and fostering responsible crypto adoption on a global scale.