Revolut Unveils Revolut X, a Dedicated Crypto Trading Platform for UK Retail Customers
Ruholamin Haqshanas
Last updated: May 7, 2024 06:02 EDT | 2 min read
Revolut, a global fintech firm, has introduced Revolut X, a standalone crypto trading platform specifically designed for UK retail customers. Since its establishment in 2015 as a money transfer service, Revolut has expanded its offerings to include cryptocurrency buying, holding, and exchanging in 2017. With a customer base of over 40 million worldwide, Revolut has become the largest fintech company in the UK.
Revolut X aims to compete with leading crypto exchanges by providing easy on/off-ramping and low fees. Initially targeted at professional traders, the new platform is now accessible on desktop for all UK users with a Revolut retail account. Traders on Revolut X can engage in over 100 token trades with fixed fees of 0% for makers and 0.09% for takers, regardless of trading volume.
While the platform currently offers assets such as bitcoin, ether, and XRP, Revolut plans to expand the selection in the coming months. UK Revolut retail account holders can seamlessly access the new platform using their existing credentials. The firm also allows users to trade between fiat and crypto without any limits or fees between Revolut X and Revolut.
Revolut’s Head of Crypto Exchange Product, Leonid Bashlykov, expressed excitement about the introduction of the new crypto product, believing that it will provide experienced crypto traders with a safe and accessible place to trade.
Revolut’s launch of Revolut X follows the introduction of Revolut Ramp in March, which enables users to purchase crypto directly in their Web3 wallets through a partnership with MetaMask developer Consensys. This signifies Revolut’s renewed focus on crypto services after suspending crypto trading for its UK business clients and terminating crypto services in the United States due to regulatory challenges.
In December, Revolut suspended crypto trading for its UK business customers to comply with new requirements set by the Financial Conduct Authority (FCA) in October. The FCA’s crypto advertising rules aimed to enhance transparency and accuracy in the marketing of crypto products, but several firms, including PayPal, faced difficulties in compliance.
Additionally, in August, Revolut halted its crypto services in the United States due to regulatory uncertainties. This decision followed the delisting of certain tokens, including Polygon (MATIC), Solana (SOL), and Cardano (ADA), which the U.S. Securities and Exchange Commission (SEC) alleged to be unregistered securities.
In a separate development, former Revolut employees have launched a new crypto exchange called X10, raising $6.5 million in its first funding round.
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