Revolut, a leading fintech company and global neobank, has recently launched a new crypto trading platform named Revolut X exclusively for its retail customers in the United Kingdom. This platform marks a significant step into the cryptocurrency domain.
Unveiled on May 7, Revolut X aims to compete with major cryptocurrency exchanges by providing user-friendly access and competitive pricing structures. According to a press release shared with Cointelegraph, the platform promises low, fixed fees with 0% for market makers and only 0.09% for market takers, regardless of the transaction volume.
Leonid Bashlykov, Revolut’s head of crypto exchange product, expressed enthusiasm about the launch, highlighting that Revolut X is designed to meet the core needs of experienced crypto traders, including competitive fees and seamless conversion between fiat and crypto.
At its inception, Revolut X will support trading for over 100 cryptocurrencies, such as Bitcoin, Ether, and XRP, with plans to expand the offering in the near future.
The platform is tailored for seasoned traders but is accessible to all U.K. retail users who can log in using their existing Revolut credentials. Users can effortlessly trade between Revolut X and their standard Revolut accounts without incurring additional fees or facing restrictions.
Inquiries for more details on this development have been made to Revolut by Cointelegraph.
This initiative follows a period of scaled-back crypto services by Revolut in both the U.K. and the U.S. due to regulatory challenges. Despite these setbacks, Revolut, which was founded in the U.K. in 2015 and began offering cryptocurrency transactions in 2017, has grown to serve over 40 million users globally.
In December 2023, Revolut announced plans to discontinue crypto services in the U.K. in anticipation of new Financial Conduct Authority regulations aimed at enhancing transparency and investor protection, which have posed challenges for various crypto businesses.
Previously, in August 2023, Revolut also paused its crypto services in the U.S., affecting approximately 1% of its customer base.
The launch of Revolut X represents a renewed commitment to integrating cryptocurrency services following the March 2024 debut of Revolut Ramp, a feature allowing users to buy cryptocurrencies directly within their Web3 wallets through a partnership with Consensys, the developers behind MetaMask.