Almost four months after Revolut’s crypto trading services were suspended in the United States, the digital bank has now launched the same offering in New Zealand.
On December 20, the Revolut crypto trading service became available to New Zealand residents, offering access to buy and sell over 100 tokens, including Bitcoin (BTC), Ethereum (ETH), and XRP. However, it is unclear if Revolut will allow the transfer of assets outside its platform, as this feature is currently not available to customers in the European Union regions.
Along with the Revolut crypto trading service, the fintech firm has also introduced a ‘Learn and Earn’ program, which provides educational resources to enhance crypto traders’ knowledge of the market. Georgia Grange, Revolut’s Head of New Zealand, stated 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.” The motive behind this move is to offer easy access to investment in cryptocurrencies.
In addition, the fintech firm has formed a partnership with crypto-based tax solution Koinly to facilitate easy tax filing for its customers.
Revolut’s launch into New Zealand and its previous exit from the US demonstrate the different crypto business conditions in each jurisdiction. The digital bank decided to suspend certain crypto services for its UK customers due to increased scrutiny in the region and a lack of regulatory clarity.