News coming from Revolut has indicated that the multi-billion dollar British digital bank has adjusted its terms and conditions in the areas of commission charges on trades, withdrawals, and remittances for its U.S-based customers.
With this adjustment, its U.S customers would enjoy commission charges-free on $200,000 worth of crypto trades. Previously, they were limited to just a $200 crypto trade per month before incurring fees.
Aside from this, customers can now withdraw a certain amount of money per month, initiate up to 10 intentional remittances a month, plus they can create five accounts for their children without being charged.
While speaking on the rationale behind this, the CEO of Revolut, Ron Oliveira, said it aims to boost awareness of the company locally. Revolut was launched in the U.S at a time coinciding with a global pandemic, and its marketing effort did not really succeed.
Oliveira continued that “We had a hushed opening. “he added, “Now it’s about where are we going from here. What we’ve discovered is that we have the deepest and widest offering of any fintech in the United States today.”
Revolut, launched 6years ago as a foreign exchange tool, has now evolved, offering a wide range of products such as current accounts, stock, crypto trading, and other products. A recent revelation has it that the Startup wants to launch stock trading for U.S customers soon.
The Startup is also pursuing a banking charter in the U.S, as it has submitted a draft application with the Federal Deposit Insurance Corporation and the California Department of Financial Protection and Innovation. However, its success depends on how much Revolut can convince regulators that banking and crypto products can coexist.