Revolut launched a new dedicated crypto trading platform for UK retail users dubbed Revolut X.
Revolut, a global neobank and fintech company, has made a significant foray into cryptocurrencies by covertly launching a specialized trading platform for retail clients in the United Kingdom.
Targeting a particular demographic, Revolut introduced Revolut X on May 7. According to a press release, the platform aims to compete with significant cryptocurrency exchanges by providing users with simple access and billing low fees.
By utilizing the platform’s simple “on-ramping” and “off-ramping,” users can convert fiat currencies to cryptocurrencies and vice versa with the same level of ease.
It is worth noting that Revolut X provides fixed fees of 0% for producers and 0.09% for takers, irrespective of trading volume. This feature may cause competitors to be undercut.
The director of crypto exchange products at Revolut, Leonid Bashlykov, stated that the organization is “ecstatic” to unveil a novel crypto product that will “transform the landscape for seasoned crypto traders.”
“We understand that competitive fees as well as easy on and off ramping are at the heart of what experienced traders want from a crypto platform.”
The platform will initially facilitate trading for over one hundred cryptocurrencies, including well-known options such as Bitcoin, Ether, and XRP. It does, however, state that it intends to broaden this assortment in the future months.
It was further stated that although the platform was initially developed with experienced cryptocurrency traders in mind, retail account holders in the United Kingdom can utilize Revolut X desktop with their current credentials. Moreover, they can conduct transactions directly between the platform and their Revolut accounts without additional charges or restrictions.
Due to regulatory obstacles, the organization reduced the scope of its cryptocurrency offerings in the United States and the United Kingdom.
Revolut, which began facilitating money transfers in the United Kingdom in 2015, has expanded to become one of the largest fintech companies in the country, boasting a global user base exceeding 40 million. In 2017, it enabled consumers to purchase, store, and exchange cryptocurrencies.
On the other hand, the company intended to cease crypto services in the United Kingdom in December 2023 in anticipation of new regulations from the Financial Conduct Authority (FCA). To increase investor protection and transparency, the FCA’s regulations have presented obstacles for several cryptocurrency companies.
Before that, the organization halted its crypto-related services in the United States in August 2023, albeit with a minimal impact on its user base of approximately 1%.
The introduction of Revolut X represents Revolut’s reinvigorated emphasis on cryptocurrencies. It follows the March 2024 launch of Revolut Ramp, a partnership-based service that enables users to purchase cryptocurrencies directly from their Web3 wallets via Consensys, the developer of MetaMask.
