Revolut, the global fintech company, has launched a new standalone crypto trading platform called Revolut X specifically for its UK retail customers. Originally established in 2015 as a money transfer service, the company expanded its offerings in 2017 to include cryptocurrency buying, holding, and exchanging. 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 other leading crypto exchanges by offering easy on/off-ramping and low fees. Initially targeted at professional traders, the 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 like 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 company also allows users to trade between fiat and crypto without any limits or fees between Revolut X and Revolut.
Leonid Bashlykov, Revolut’s Head of Crypto Exchange Product, 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.
This 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. It also 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, the company suspended crypto trading for its UK business customers to comply with new requirements set by the Financial Conduct Authority (FCA). The FCA’s rules aimed to enhance transparency and accuracy in the marketing of crypto products, including a cooling-off period for first-time investors. Revolut’s decision to suspend crypto services in the United States in August was due to regulatory uncertainties and challenges, as well as the delisting of certain tokens alleged to be unregistered securities by the U.S. Securities and Exchange Commission (SEC).
In a separate development, former Revolut employees have launched a new crypto exchange called X10, which raised $6.5 million in its first funding round.
