Revolut US launches trading on Avalanche, Solana, and Dogecoin

abdelaziz Fathi

British fintech and banking firm Revolut has further expanded its cryptocurrency offering in the US with the addition of 29 new tokens.

Revolut

Customers in the US can trade Avalanche (AVAX), Solana (SOL), and Dogecoin (DOGE) alongside Bitcoin, Ethereum, Bitcoin Cash, Litecoin and other already-installed tokens. The company stressed that crypto is a big priority and it had plans to further expand its offering to more tokens in the near future.

The challenger bank recently increased its fair usage caps, enabling US consumers to trade crypto up to $200,000 per month. Revolut, which is valued at $33 billion, has also launched price alerts, the ability to recur transfers, and enabled customers to buy crypto with their “spare change round-ups”.

“Today we’ve more than quadrupled our token portfolio to give our customers access to a much more diverse crypto offering. Trading is commission free up to $200,000 a month,” Revolut global business head for crypto Mazen Eljundi said in the announcement.

Revolut, which bills itself as a ‘digital banking alternative’, has broadened its offering in the US through a new partnership with Apex Fintech Solutions, which was awarded recently a coveted license to deal in cryptocurrencies in New York.

Apex Crypto was granted a so-called BitLicense by the New York State Department of Financial Services (NYDFS), joining a handful of firms who the approval to operate in the state. It now legally operates as a money transmitter and digital currency exchange.

Apex opens the door for its partners to include the crypto assets into their clients’ portfolios alongside traditional brokerage assets, which has been disjointed in the past. From a legal and regulatory standpoint, the platform offers compliant custody and trading services for clients in most US states.

We last reported on Revolut earlier this month when the Kanto finance bureau of Japan’s Ministry of Finance (MoF) issued a business improvement order to improve its AML compliance.

The order came after the Japanese watchdog conducted an on-site inspection of Revolut Technologies Japan. The raid found “serious problems” in the challenger bank’s internal control for governance, management of outsourced contractors, as well as money laundering and terrorist financing risk management.

The agency went on to say that Revolut’s safeguards against money laundering contain holes that can be exploited by criminal organizations and terrorist groups. The Japanese subsidiary also failed to create sufficient governance for offering funds transfer services properly and consistently.

Read this next

Digital Assets

BlackRock digs further into crypto with metaverse ETF

BlackRock, the world’s largest asset manager with almost $10 trillion in AUM, is set to launch a new metaverse ETF to help investors securely monetize on the booming immersive version of the internet.

Digital Assets

Binance wins license in New Zealand as rival Huobi shutters derivatives

Binance, the world’s largest crypto exchange by traded volume, has obtained licenses to operate in New Zealand, even after rival Huobi shutdown derivatives trading last month due to concerns about regulations.

Retail FX

Hong Kong busts perpetrators of ‘ramp and dump’ scam

Hong Kong’s financial watchdog, the Securities and Futures Commission (SFC), has charged thirteen suspects of market manipulation in a joint operation with the local police.

Institutional FX

TradingView integrates market data from German Tradegate exchange

TradingView announced that it ‎has increased data coverage to allow its users to receive information from ‎and get free access to the intra-day and tick data from Tradegate Exchange.

Retail FX

Spotware Systems introduces Custom Push Notifications for cTrader mobile apps

Spotware Systems, a technology provider for the electronic trading industry, is introducing a new push notification feature to alert mobile users of price swings and market fluctuations through their cTrader app.

Market News

The Week Ahead: 30 September from David Madden, Market Analyst at Equiti Group

Sterling dominated the headlines last week, as there were concerns the UK government might struggle to service its debt.

Inside View

How does the quality of signal providers affect your business?

A must-have onboarding process for brokers with investment services like PAMM, MAM, or copy trading

Technology

DBS deploys Nasdaq Trade Surveillance

“The confidence that markets and our clients have in DBS as a safe and trusted banking group is anchored on our ability to detect and respond to anomalous activity, which in turn calls for a robust surveillance and prevention infrastructure.”

Industry News

SEC charges Justin Costello and David Ferraro for securities fraud and posing as billionaire veteran

The Securities and Exchange Commission charged Cannabis executive Justin Costello and David Ferraro, an associate of Costello’s, for promoting the stock of several microcap companies on social media without disclosing their own simultaneous stock sales as market prices rose.

<