Revolut Delves into Crypto World with Launch of Trading Platform Revolut X for UK Customers
Summary:
Revolut, a leading fintech firm, has introduced a crypto trading platform, Revolut X, for its retail users in the U.K. The platform rivals notable crypto exchanges with its user-friendly access, minimal fees, and over 100 available cryptocurrencies. While designed for seasoned crypto traders, the platform is accessible to all U.K. retail account holders. This decision follows Revolut's earlier limitation of its crypto services in the U.K. and U.S. due to regulatory issues. The launch signifies a renewed commitment to crypto market from Revolut.
Revolut, the globally recognized fintech organization, has made its foray into the world of cryptocurrency by quietly rolling out a custom-built crypto trading platform for its U.K. retail consumers. Debuting on May 7, Revolut X aims to specifically cater to a distinct customer base. Its objective is to stand as a contender to prominent crypto exchanges, promising ease of access and minimal charges, as per a press note distributed to Cointelegraph. The structure of Revolut X simplifies the conversion between fiat currencies such as GBP and cryptocurrencies. Notably, it offers a fixed 0% maker fee and a tiny 0.09% taker fee regardless of trade volume, potentially undercutting rivals. Leonid Bashlykov, in charge of Revolut's crypto exchange product, shared the firm's enthusiasm about the unveiling of a transformative crypto solution geared towards seasoned crypto traders. The understanding that competitive fees alongside convenient conversion are critical to experienced traders guided the establishment of the platform. Initially, over 100 cryptocurrencies like Bitcoin (BTC), Ether (ETH), and XRP (XRP) will be available for trading, with plans to augment the selection in the upcoming months. While designed with an eye on savvy crypto traders, Revolut X's desktop interface is accessible to retail account holders in the U.K. who can trade directly from Revolut accounts to the platform without any extra charges or restriction. Cointelegraph is in touch with Revolut seeking further details on this development. This introduction follows Revolut's decision to limit its crypto offerings in the U.K. and U.S. as a response to certain regulatory barriers. Revolut, established in the U.K. in 2015 with a focus on money transfers, has now become one of the country's leading fintech entities, with a user base of over 40 million worldwide. Since 2017, it enabled users to purchase, hold, and transact in cryptocurrencies. However, due to new regulations by the Financial Conduct Authority (FCA) aimed at boosting transparency and investor protection, it had to halt its crypto services in the U.K. in December 2023. Similarly, crypto-related services in the U.S. were discontinued in August 2023, impacting around 1% of its users. Revolut's launch of Revolut X signals a re-engagement with the crypto market, close on the heels of the March 2024 introduction of Revolut Ramp, a service facilitating direct crypto purchases within Web3 wallets via a collaboration with Consensys, the brains behind MetaMask.
Published At
5/7/2024 12:05:41 PM
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