Fintech giant and global neobank, Revolut, has strategically expanded into the cryptocurrency domain by launching a bespoke crypto trading platform, Revolut X, in the UK as announced on May 7.
This new initiative aims to attract a specific customer base and stands to compete with established cryptocurrency exchanges by ensuring minimal fees and simplified access, as detailed in a press release available to Cointelegraph.
Revolut X introduces straightforward processes for both depositing and withdrawing funds (“on-ramping” and “off-ramping”), facilitating the smooth transition between fiat currencies, such as the British pound, and various cryptocurrencies.
One of the key highlights of Revolut X is its fixed fee structure, which includes a 0% fee for market makers and a modest 0.09% fee for takers, regardless of the trade volume.
This pricing model is expected to offer a competitive edge over other trading platforms.
Leonid Bashlykov, Revolut’s head of crypto exchange product, expressed his enthusiasm about the new service, stating, “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.”
He emphasized that Revolut X is poised to significantly impact the market for seasoned cryptocurrency traders.
At launch, Revolut X will support trading for over 100 cryptocurrencies, including major ones like Bitcoin, Ether, and XRP, with plans to expand this roster in the near future.
Bashlykov reassured users about the security and integrity of their holdings, noting that customers’ digital assets are held 1:1 and are not lent out, with the majority being securely stored in cold storage.
He explained, “The majority of these funds are also held in cold storage. Rigorous custodian due-diligence and constant risk monitoring mean that we can offer a market-leading solution to our customers.”
This venture into crypto trading follows a period of scaling back on crypto services in the UK and the US due to regulatory challenges.
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Originally launched in 2015 in the UK for money transfers, Revolut has grown into one of the largest fintech entities in the country with over 40 million users globally.
It began its crypto services in 2017 but had to pull back in December 2023 in anticipation of new regulations from the Financial Conduct Authority, which aimed to enhance transparency and investor protection.
Despite these regulatory hurdles, Revolut X represents a renewed focus on cryptocurrency by Revolut, following the March 2024 debut of Revolut Ramp, a direct crypto purchasing service integrated with Web3 wallets in partnership with Consensys and MetaMask.
Bashlykov’s remarks underscore the company’s strategic timing and regulatory compliance focus, “It’s good timing, in the sense that we’re currently amid a bull market and seeing greater regulatory clarity now.”
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