“When we look at the research and think about what our customers are wanting and demanding ... The numbers really stack up.”
Research commissioned by Revolut in 2020 showed 40 per cent of 2000 New Zealanders surveyed said they were using, or intended to use, mobile investing platforms, including those that offered exposure to cryptocurrencies.
The new feature allows Revolut customers to use their finds to purchase up to 100 cryptocurrencies, including popular Bitcoin, Ethereum and Ripple coins.
Revolut earned a fee on every cryptocurrency purchase of 1.49 per cent or $1.99 for standard customers, whichever was higher, or a lower 0.99 per cent fee for member orders.
The new feature was part of Revolut’s mission to become a financial “super-app”, Grange said.
“It’s really helping customers to level up their money and gives customers more options in the way that they manage their savings and their investments.”
Revolut did not apply for an added licence to operate crypto trading, but it did notify the Department of Internal Affairs, which oversees its adherence to anti-money-laundering rules, Grange said.
User’s funds and crypto tokens would all be held in custody by Revolut New Zealand or its global parent company.
The purchase or sales of cryptocurrencies would then be facilitated by Revolut on the customer’s behalf through third-party brokers depending on the token involved, including the United States-based platform Coinbase.
The trade was almost instant, Grange said.
“Like anything that we build, safety is an absolute top priority.
“We hold the keys ... And all of that [is] encrypted with everything that we do.”
It had partnered with Australian crypto tax software business Koinly to provide users with an option to easily calculate and declare income derived from cryptocurrency investments.
Revolut launched in July with a waitlist of 26,000 customers - it would not provide an updated user count before reaching one million.
Grange was optimistic about providing New Zealand investors with more access to an alternative asset class.
“We’re such avid property fans. There are other ways that people can build their wealth over time.”
Madison Reidy is the host of New Zealand’s only financial markets show, Markets with Madison. She joined the Herald in 2022 after working in investment, and has covered business and economics for television and radio broadcasters.
