A major crypto-friendly trading application in Europe, Revolut, while expanding its business in the Japanese market, on September 08, introduced the digital banking app.
On September 08, The Nikkei published a report notifying that after the introduction of Revolut in Japan, the country becomes the first-ever non-English speaking market for the digital banking app.
Revolut Introduces Limited Services In Japan
As per the report, the UK-based digital banking app currently has around 13 million users around the world.
Before Japan, digital banking services had been rolled out in the European countries, Australia, Singapore and the US.
The company has decided that initially, it would introduce limited services in Japan like international transfers and managing 23 currencies.
It is to be noted that the Japanese individuals who have registered themselves on the platform will receive a Visa debit card from Revolut.
However, presently, it is not clear whether crypto services are part of the Revolut’s initial rollout or not.
In the year 2019, although the company experienced a significant surge in its customer, it still faces a huge loss. Soon after that, Revolut decided to expand its business to a non-English market.
While talking about the company’s loss in the year 2019, the CEO of Revolut, Nik Storonsky, stated, “Aggressive global expansion was the primary reason behind the company’s massive losses last year.”
Revolut Plans To Expand Its Business
According to the report, in October 2019, Revolut planned to expand its business across 24 new markets, which include, Australia, Brazil, Canada, Japan, Russia and so on.
Notably, most of the crypto-related companies are found in Japan only, and that is the reason is considered to one of the most attractive markets for them. Now, as Revolut has made its entry into the market, the traders and investors could find one more major crypto company there.
On September 08, one of the largest crypto exchanges around the world, popularly known as Kraken, announced that it would soon make its come back in Japan. In April 2018, the exchange terminated its services in the country, but soon it will re-start them.