Revolut eyes the US for expansion

Mazen ElJundi, Head of Crypto at Revolut, confirmed that the crypto-friendly digital bank is reintroducing its cryptocurrency services for users in the United States.

The relaunch signals Revolut’s strategic intent to deepen its presence in the rapidly evolving decentralized finance (DeFi) space, reflecting broader momentum toward integrated financial ecosystems.

The announcement also aligns with the firm’s wider strategy to connect traditional finance with Web3 by building strategic industry partnerships and developing product offerings.

Revolut eyes US for expansion

After announcing plans to revive its US cryptocurrency services, Revolut is expected to reintroduce Bitcoin and Ethereum tokens previously available on the platform. However, the official list of supported assets has yet to be confirmed. The move underscores the British fintech firm’s commitment to capitalizing on the growing demand for crypto and blockchain-based payment solutions in the US.

Revolut also announced its partnership with Pyth Network. ElJundi commented on the company’s announcements revealing the role of reliable market data for advances in the DeFi space. 

ElJundi said their collaboration with Pyth marks a key moment in Revolut’s mission to update the world of finance. He further stated that as decentralized finance becomes more popular, Pyth’s role as a core part of the industry will enable the bank to take advantage of this change.

Martin Mignot, a partner at the European venture capital firm Index Ventures and an early investor in Revolut, emphasized that one can not truly be the top player if they are not number one in the US. He referred to the US as the biggest consumer market globally.

Moreover, Siddhartha Jajodia, the CEO of Revolut in the US, states that the country is essential for its goal to become a “global bank.” This made their mission clearer: to connect with millions more customers targeting the US.

Analysts speculate Revolut’s arrival in the US could spur more competition for crypto offerings. This strategic move may attract regulatory attention and technological progress to achieve a significant share of the retail investment sector.

Revolut previously launched its cryptocurrency services in the EU and UK

Previous expansions by Revolut in regions including the EU and UK have led to incremental user growth, though they have not directly impacted major asset prices.

Revolut, the biggest digital bank in the UK, stormed onto the UK scene a decade ago. Its easy-to-use mobile apps and lower fees for services such as overseas transactions and cross-border transfers have won millions of customers.

The proportion of UK adults using neobanks soared from 16% in 2018 to 50% last year, according to data providers from reliable sources. Revolut is a neobank, which means it is a digital bank that provides different banking and financial services mainly through its mobile app, without the need for regular physical branches. It stands out as one of the leading neobanks, competing with other companies like Wise, N26, and Nubank. 

The fintech firm wants to increase this user percentage further, focusing on the larger US market with $24tn of assets. This is because the US market has several elements that may be attractive to its users.

For example, interchange fees—the charges imposed by card networks like Visa and Mastercard on behalf of banks—are significantly higher in the US than in the EU or UK, where such fees are capped. As a result, a US customer generates more profit for the same volume of payments.

The US is also super competitive in retail banking, where over 3,000 institutions offer attractive customer rewards and loyalty deals. Some critics say that European fintechs may not offer enough yet to attract customers away from their existing banks.

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