Revolut, the London-based fintech company, has made a swift move to launch its crypto trading services in New Zealand shortly after restricting its crypto offerings in the UK.
This expansion brings crypto trading opportunities to customers in New Zealand, commencing on a Wednesday, as revealed in an official press release.
In addition to the crypto trading services, Revolut has introduced a ‘Learn and Earn’ program in New Zealand, which offers free educational courses tailored to crypto traders.
The company has also collaborated with Koinly, a crypto tax platform, to streamline the tax filing process for New Zealand residents.
Georgia Grange, the Head of New Zealand at Revolut, expressed excitement about this strategic expansion, stating, “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.”
She emphasized Revolut’s commitment to making cryptocurrency accessible and easy to understand, as well as fostering responsible investing.
Customers in New Zealand will have access to a diverse range of over 100 digital currencies, including popular options such as Bitcoin, Ethereum, and XRP, enabling them to buy and sell cryptocurrencies through the platform.
However, it remains uncertain whether Revolut will allow users to transfer their crypto holdings out of the platform, as it has restrictions on this feature in the European Union.
Revolut is a prominent fintech player in the United Kingdom, operating under a payments institution license.
The company is currently pursuing a banking license in the UK, indicating potential expansion into lending services.
Revolut’s approach to crypto offerings is strategic and adaptable, as it adjusts to changing regulatory landscapes.
Recently, it was reported that Revolut would suspend crypto purchasing for its business customers in the UK due to impending regulations in the country.
Earlier in the year, Revolut had ceased all crypto services in the United States.
In summary, Revolut’s rapid launch of crypto trading services in New Zealand, combined with educational initiatives and tax-filing partnerships, underscores its commitment to expanding its footprint in the world of cryptocurrency while remaining attuned to evolving regulatory requirements.