- Revolut has entered the crypto market with Revolut X.
- Legal uncertainties and competition might impact Revolut’s crypto expansion.
As an experienced financial analyst following the cryptocurrency market closely, I’m intrigued by Revolut’s latest move into the crypto space with its new offering, Revolut X. While I commend their focus on competitive fees and easy access for traders, I can’t help but acknowledge the challenges they might face.
On May 7th, the UK FinTech company Revolut, recognized for its mobile banking and payment services, took a major step into the world of cryptocurrencies through their new offering, Revolut X.
Leonid Bashlykov, the crypto exchange product leader at Revolut, shared with The Block his reasoning for implementing this action.
As a dedicated researcher focusing on the needs of crypto traders, I recognize that placing the customer at the core of our operations is essential. I firmly believe that along with this customer-centric approach, competitive fees and a seamless onboarding and offboarding process are non-negotiable requirements for experienced traders in the crypto market.
The reason behind Revolut’s move
Following the expanding cryptocurrency market scene globally, Revolut has amplified its involvement in crypto-related activities over the past few years.
In March, I discovered that my company, Revolut, teamed up with MetaMask, which is managed by Consensys, to introduce Revolut Ramp. This new platform enables users in the UK and Europe to make cryptocurrency purchases directly.
Remarking on the same, Bashlykov in conversation with Payment Expert added,
“Through our new collaboration with MetaMask, Revolut X enhances our lineup in the realm of Web3 technologies.”
Revolut’s crypto dreams: Not that easy
As I analyze the current state of affairs, the recent legal dispute between the SEC and Consensys has introduced an additional element of uncertainty into the mix.
As an analyst, I’ve noticed an intriguing development in Revolut’s crypto strategy. While they exited the US market and ceased providing crypto services to American customers back in August 2023, they simultaneously entered the crypto market with their new offering, Revolut X. This contrasting move highlights a shift in their focus and approach towards catering to different market segments.
As a researcher examining this issue, I would explain that our choice was influenced by the vague guidelines and fluctuating market conditions in the United States, impacting approximately 1% of our user base.
As a crypto investor, I find it noteworthy that this platform could encounter significant competition from well-established exchanges such as Binance (BNB), Coinbase, Bybit, and OKX. These competitors have built a strong presence in the market and may make it challenging for this new platform to gain traction.
As a crypto investor, I’m particularly excited about this upcoming event because it aligns with the UK government’s efforts to regulate stablecoins and other crypto-related activities, such as staking, exchanges, and custody. This means that we could be seeing clearer guidelines and potentially more mainstream acceptance of these important aspects of the crypto industry.
Speaking at the Innovate Finance Global Summit, Economic Secretary Bim Afolami made a similar comment.
As a researcher studying the cryptocurrency market, I can tell you that once these platforms are launched, various operations related to crypto assets such as managing exchanges, safeguarding users’ funds, and more, will fall under regulatory oversight for the very first time.
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2024-05-08 12:07