Revolut, the digital bank and fintech company, has launched cryptocurrency trading services in New Zealand as part of its global expansion efforts. This comes nearly four months after Revolut had to suspend crypto trading in the United States due to regulatory uncertainties.
The new crypto offering in New Zealand gives Revolut customers the ability to buy and sell over 100 different cryptocurrencies, including major ones like Bitcoin, Ethereum and XRP. Details about allowing transfers of crypto assets outside of Revolut’s platform are not yet clear.
Additionally, Revolut has introduced a “Learn and Earn” program in New Zealand to provide educational resources for crypto traders to enhance their knowledge. As Georgia Grange, Head of New Zealand for Revolut, noted, this aligns with Revolut’s goal of simplifying personal finance and expanding into new areas like education and trading.
The company aims to make crypto investing, which can often be complex and costly, more seamless and accessible. The partnership with the crypto tax solution company Koinly also facilitates easier tax filing for customers.
The contrast between launching crypto in New Zealand versus suspending it in the US highlights how regulatory clarity and business conditions can vary greatly between jurisdictions when it comes to new asset classes like crypto. Revolut appears to be targeting countries where the regulatory environment is more favorable.
