Revolut launches Crypto Exchange For UK Users

Revolut has made a significant foray into the cryptocurrency space with the launch of Revolut X, a specialized crypto trading platform.

Revolut, a fintech startup and global neobank, made a significant entrance into the cryptocurrency space by secretly releasing a specialized cryptocurrency trading platform for retail users in the United Kingdom.

Revolut launches Crypto Exchange

The Fintech company launched Revolut X on May 7th, targeting a specific clientele. The site is intended to compete with big cryptocurrency exchanges by providing users with simple access and charging minimal fees.

Customers can easily convert fiat currencies, such as GBP, to cryptocurrency and vice versa thanks to the platform’s “on-ramping” and “off-ramping” capabilities.

Particularly noteworthy is the fact that Revolut X provides set costs of 0% for makers and 0.09% for takers, regardless of trade volume, which has the potential to undercut competitors.

According to Leonid Bashlykov, who is the head of crypto exchange product at Revolut, the company is “excited” to unveil a new cryptocurrency product that would “change the game for experienced crypto traders.

“When it first launches, the site will provide trading for more than one hundred different cryptocurrencies, including well-known options such as Bitcoin, Ether, and XRP.

However, it does state that it intends to broaden the scope of this option in the coming months. Despite developing the platform with experienced cryptocurrency traders in mind, any user in the United Kingdom with a retail account can access Revolut X desktop using their existing credentials.

Furthermore, the platform and their Revolut accounts will allow them to trade directly without any additional fees or restrictions. This action follows the company’s decision to reduce the amount of cryptocurrency it offers in both the United Kingdom and the United States due to regulatory obstacles.

In 2015, The Fintech company began its operations in the United Kingdom by providing money transfers. Since then, the company has expanded to become one of the leading financial technology businesses in the country, with more than 40 million customers across the globe.

At the beginning of 2017, it started enabling users to purchase, store and exchange cryptocurrencies. On the other hand, the company intended to stop providing cryptocurrency services in the United Kingdom in December 2023, in anticipation of new restrictions set forth by the Financial Conduct Authority (FCA).

The Financial Conduct Authority (FCA) has imposed restrictions designed to enhance transparency and safeguard investors, confronting several cryptocurrency companies with difficulties.

Previously, in August 2023, the corporation decided to cease its crypto-related services in the United States, however, this decision only had an impact on approximately one percent of its user base.

The launch of Revolut X is a hint that Revolut is recommitting itself to the cryptocurrency market. It follows the launch of Revolut Ramp in March 2024, which is a service that empowers users to purchase cryptocurrency directly from their Web3 wallets.

Consensys, the company responsible for developing MetaMask, makes this possible.