Revolut Launches Crypto Trading in New Zealand

Almost four months after Revolut crypto trading services were suspended in the United States, the digital bank has launched the same offering in New Zealand.

The New Zealand Revolut Crypto Trading Offering

Based on the announcement, the Revolut crypto trading service became available to New Zealand residents as of December 20. Consequently, about 100 tokens including Bitcoin (BTC), Ethereum (ETH), and XRP went live as the fintech giants sought ways to penetrate the local market. 

As unveiled, Revolut’s customers will gain access to buy and sell the listed cryptocurrencies. 

In the meantime, it is not yet certain if Revolut will permit the transfer of assets outside its platform considering that such a feature is currently not available to customers in the European Union regions.

In addition to Revolut crypto trading, the fintech firm introduced a ‘Learn and Earn’ program, which would offer crypto traders educational resources to enhance their knowledge of the market.

Georgia Grange, Revolut’s Head of New Zealand noted that “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 continued by stating that the move is a strategy for Revolut to demonstrate its commitment to providing easy access to investment in cryptocurrencies. 

To a large extent, delving into crypto investment is oftentimes considered time-consuming, difficult, and expensive. However, Revolut aims to change the narrative with the suite of services that it offers alongside the newly introduced free educational courses for crypto investors. 

“Through our offering, Revolut aims to drive seamless access to alternate asset classes and provide educational content to help Kiwis navigate it responsibly,” Grange added.

As a part of its entry into the New Zealand market, the fintech firm has inked a partnership deal with crypto-based tax solution Koinly to facilitate easy tax filing for its customers. 

Revolut Halted Crypto Services in the US

The launch into New Zealand and its previous exit from the United States suggests that the crypto business conditions in one jurisdiction, greatly differ from another. Revolut decided to halt its crypto trading services in the U.S. due to the increased scrutiny in the region and a lack of regulatory clarity at the same time.

A few days ago, Coingape reported the digital bank’s plan to suspend certain crypto services for its UK customers in line with the incoming regulation for digital assets in the region.