Revolut, a major European cryptocurrency-friendly trading application is expanding to another major market.
The London-based firm has launched its digital banking app in Japan, as Revolut announced in a Sept. 8 tweet.
According to a report by The Nikkei, Japan is the first non-English speaking market for Revolut. Headquartered in London, the company reportedly has 13 million users worldwide, operating in European countries, the United States, Australia and Singapore.
As reported, Revolut’s initial rollout in Japan will be limited to “international transfers” and “managing money in 23 currencies.” Registered users will also reportedly receive a Revolut-branded Visa debit card.
Revolut’s entrance into Japan comes shortly after the company was reported to have tripled its losses in 2019 despite a significant surge in new customers. Revolut founder and CEO Nik Storonsky said that aggressive global expansion was the primary reason behind the company’s massive losses last year. In October 2019, Revolut outlined its ambitious plans to expand across 24 new markets such as Australia, Brazil, Canada, Japan, New Zealand, Russia, the United States and Singapore.
Japan is apparently one of the most attractive markets for crypto-related companies as Revolut enters the country alongside another major crypto company. Kraken, one of the world’s largest cryptocurrency exchanges, officially announced on Sept. 8 that the exchange is coming back to Japan after terminating its services there in April 2018.