Revolut, a leading global fintech company, has unveiled Revolut X, a standalone crypto trading platform available to its UK retail customers. This move marks a significant expansion of the company’s cryptocurrency services.
Since its inception in 2015, Revolut has steadily expanded its offerings, initially providing money transfers and later allowing users to buy, hold, and exchange cryptocurrencies from 2017 onwards. With over 40 million customers worldwide, Revolut has cemented its position as the UK’s largest fintech company.
Revolut X: Revolutionizing Crypto Trading
Revolut X emerges as a direct competitor to leading crypto exchanges, prioritizing user-friendly interfaces, seamless on/off-ramping, and low fees. While targeted at professional traders, Revolut X is accessible to all UK users with a Revolut retail account via desktop.
Traders on Revolut X can access over 100 tokens with fixed fees of 0% maker and 0.09% taker, regardless of trading volume. Initially, the platform offers assets such as Bitcoin, Ether, and XRP, with expansion plans shortly.
Ease of Access for UK Customers
UK Revolut retail account holders can effortlessly access Revolut X using their existing credentials. The platform facilitates fiat-to-crypto and crypto-to-fiat trades between Revolut X and Revolut with no limits or additional fees.
Leonid Bashlykov, Head of Crypto Exchange Product at Revolut, expressed excitement about Revolut X, emphasizing its potential to provide experienced traders with a secure and accessible trading environment. Competitive fees and seamless on/off-ramping are highlighted as the platform’s key features.
Navigating Regulatory Challenges
Revolut’s foray into crypto services comes amid a complex regulatory environment. The company halted crypto trading for UK business clients and terminated its U.S. crypto services due to regulatory uncertainties.
In response to evolving regulations, Revolut is recalibrating its crypto offerings to ensure compliance while continuing to serve its global customer base. Despite challenges, Revolut remains committed to providing innovative solutions in the cryptocurrency space.
