Revolut debuts dedicated crypto exchange for UK users

As an experienced financial analyst, I view Revolut’s entry into the cryptocurrency trading market with a positive outlook. The company’s decision to introduce Revolut X, a specialized crypto trading platform for retail customers in the United Kingdom, is a strategic move that could potentially disrupt major cryptocurrency exchanges and attract a large customer base.

Revolut, the fintech firm and neobank with a global reach, took a significant step into the cryptocurrency market by discreetly launching a dedicated crypto trading platform for individual investors in the UK.

On May 7, Revolut introduced Revolut X, a new platform tailored for a particular customer base. The user-friendly design of this platform aims to compete with prominent cryptocurrency exchanges by granting simple access and imposing minimal fees, as mentioned in a press release obtained by CryptoMoon.

The platform makes it simple for users to convert between fiat currencies like GBP and crypto with ease. Notably, Revolut X sets a flat fee of 0% for those initiating transactions (makers) and only 0.09% for those completing them (takers), irrespective of trading volume, which could prove advantageous compared to rival platforms.

I, Leonid Bashlykov, head of crypto exchange product at Revolut, am thrilled to announce the launch of an innovative new crypto product that is set to redefine the trading experience for skilled 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.”

At first, the trading platform will provide access to more than 100 cryptocurrencies for users, which include well-known options such as Bitcoin (BTC), Ether (ETH), and Ripple (XRP). The platform aims to broaden this range of choices in the upcoming months.

As a crypto investor using the Revolut platform, I’m pleased to note that this service was primarily developed with experienced traders in mind. However, I want to emphasize that U.K. retail account holders can also benefit from this offering. With your current credentials, you’ll be able to access the Revolut X desktop version seamlessly and execute trades directly between the platform and your existing Revolut accounts, all without encountering any extra fees or limitations.

CryptoMoon reached out to Revolut for further information on the development.

As an analyst, I would put it this way: Following the challenges we encountered with regulatory bodies in the U.K. and the U.S., we have decided to narrow down our cryptocurrency offerings.

Revolut, a financial tech company based in the U.K., launched in 2015 primarily focused on money transfers. Today, it has amassed an impressive user base of over 40 million individuals worldwide. Since 2017, the platform expanded its offerings to include buying, holding, and trading cryptocurrencies.

As a researcher, I’ve come across information indicating that my company intends to suspend its cryptocurrency services in the U.K. by December 2023. This decision precedes the implementation of new regulations set by the Financial Conduct Authority (FCA). The FCA’s primary objectives with these rules are to enhance transparency and safeguard investors, posing significant hurdles for various crypto businesses in our industry.

Back in August 2023, I came across some news that affected a small portion of my investment portfolio. The company I had been using for certain crypto-related services announced a suspension of these offerings in the United States. Fortunately, this change only applied to about 1% of their user base, including myself.

Revult X’s debut marks a strengthened commitment from Revolut towards cryptocurrencies. This development comes after the rollout of Revolut Ramp in March 2024. With this new service, users can directly buy crypto through their Web3 wallets, thanks to a collaboration with Consensys, the mastermind behind MetaMask.

2024-05-07 12:08

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