Revolut, a major European financial app, went live with cryptocurrency trading in Australia this week. The UK company launched in Australia a month prior with standard banking services and has now exp
Revolut, a major European financial app, went live with cryptocurrency trading in Australia this week. The UK company launched in Australia a month prior with standard banking services and has now expanded the platform to allow users to buy, sell, and hold Bitcoin, Ethereum, Litecoin, Bitcoin Cash, XRP, and Stellar.
Australian customers can swap their local currency, along with 26 other global currencies, into any of these six digital assets. According to the company's announcement, "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."
Matt Baxby, who leads Revolut's operations in Australia, explained that cryptocurrency remains an intimidating domain for most. He views the sector's vocabulary and complex procedures as primary obstacles. Revolut's approach aims to eliminate that friction. The company designed its system so anyone can establish an account in minutes and start buying.
The early signs proved compelling. Revolut collected 30,000 sign-ups for its waitlist before the official launch and had already onboarded 25,000 Australians who tested the service through its beta version. The company's footprint across Europe stands at over one million users. Edward Cooper, who heads the cryptocurrency division, watches the platform add around 6,000 new crypto accounts every day as traders and investors explore the service.
Cooper cast the company's ambitions in grand terms. He compared Revolut's work to what the internet browser did for the web. The firm aimed to achieve for digital currency what browsers achieved for the internet—transform something obscure into something accessible to ordinary people.
Australia emerged as a prime destination for crypto exchanges. The Australian dollar ranks high among fiat currencies in Bitcoin trading volume. That market position drew major exchange operators. Kraken acquired Bit Trade, Australia's oldest cryptocurrency exchange, earlier in the year. Binance launched its fiat-to-crypto service in Australia in July, following the introduction of Binance Lite Australia the prior year.
