Fintech company Revolut announced zero fees on cryptocurrency transactions up to $200,000 per month. The same terms apply to US app users.
Previously, the threshold stood at $200.
Revolut also waived fees:
- for cash withdrawals at ATMs up to $1,200 per month;
- for the first ten international money transfers;
- for opening up to five junior accounts.
The initiative is designed to increase financial freedom for US citizens. Revolut hopes to raise brand awareness.
The fintech company entered the US market in March 2020, amid the COVID-19 pandemic, a period that affected its business trajectory.
“We had a modest start. Now we are restructuring the strategy”, — explained The Block head of Revolut’s US division Ron Oliveira.
Sources at The Block reportedly said Oliveira would leave the company in the coming months. He has held the CEO role since November 2019.
The app is positioned as a financial super-app. In July 2021, Revolut added a housing-booking service.
In the same month, the fintech raised $800 million in another investment round. The funds are intended to accelerate growth in the US and India, develop new products and finance marketing efforts.
Earlier in October 2020, media reported that Revolut to obtain a banking license in the United States.
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