Revolut, one of Europe’s largest brokerage firms has launched its cryptocurrency exchange in Australia, allowing users to convert their fiat currency into Bitcoin, Ethereum and a few other cryptocurrencies
Traders in Australia can now use one of the largest financial apps in Europe to trade cryptocurrencies. Revolut launched its services in Australia last month and has already gone on to expand its services to now include cryptocurrency trading.
The UK-based money app announced yesterday it had enabled its tens of thousands of customers in Australia to buy, sell and hold some cryptocurrency assets. Australian traders on the platform can convert their Australian dollars (Aussie) into Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Bitcoin (BTC), XRP and Stellar (XLM).
“The exchange process easily allows customers to convert Australian Dollars – or 26 other global currencies – into cryptocurrencies via the app. Customers receive real-time notifications alerting them to shifts in a coin’s price and can immediately sell their cryptocurrency safely and securely, cashing out instantly and in real-time,” the blog post confirmed.
Matt Baxby, the head of Revolut Australia commented that buying and selling cryptocurrencies is a complicated and confusing thing for people not familiar with the sector.
Revolut intends to cut out the complexity involved, allowing anyone to easily set up an account within a few minutes and start buying and selling cryptocurrencies instantly.
Revolut launched its services in Australia last month with numerous traditional financial services. The platform gained traction in the country from the onset, with 30,000 people on the app’s waitlist and 25,000 Australians already using the app’s beta version. Revolut is a leading financial services app in Europe, where it has more than one million users. At the moment, Revolut adds roughly 6,000 new cryptocurrency accounts daily as more traders and investors leverage the wide array of services they offer.
Edward Cooper heads the cryptocurrency division at Revolut, and he believes that by making cryptos easier to access to the people, claiming that Revolut is trying to achieve what the internet browser did for the internet.
Australia is fast becoming an important country in the crypto space. The Australian dollar is one of the highest-ranked currencies in terms of Bitcoin trading volume. Its rising importance has attracted some of the leading exchanges in the world, with Kraken buying Bit Trade, Australia’s oldest crypto exchange earlier this year. Binance also introduced its fiat-to-crypto platform in Australia in July after it launched the Binance Lite Australia platform last year.