Revolut is reportedly preparing to introduce a digital assets exchange that will aim to serve advanced or professional crypto traders.
As widely reported, Revolut already provides standard cryptocurrency-focused services to around 30 million clients.
The new crypto exchange will reportedly aim to provide competitive fees as well as advanced market analytics.
Revolut‘s management explained that they are launching a new virtual currency exchange built with sophisticated crypto traders in mind. Revolut clients were also requested to test out the new platform.
According to Revolut’s email to clients, they should find advanced analytical tools and lower fees than what’s currently offered via the Fintec app.
Fees are reportedly ranging anywhere between 0%-0.09%. Meanwhile, functionality has been added to enable clients to trade using limit as well as market orders.
Limit orders are usually used whenever a cryptocurrency trader aims to acquire or sell an asset at a particular price. Limit orders will not be incurring any fees, the Fintech firm confirmed.
Revolut had halted cryptocurrency services for business users in the United Kingdom back in December 2023. The firm said that the Financial Conduct Authority’s (FCA) updated regulatory guidelines for crypto promotions had influenced the company’s decision to halt such service, at least for that time.
Recently, it was revealed that Revolut intends to list Solana blockchain network’s meme coin, BONK, as part of a “learn and earn” initiative that should see the distribution of BONK to some of its clients.
Although Revolut may have chosen an ideal time to introduce a new crypto exchange, given that we’re in the middle of a massive crypto bull market, following the approval of spot bitcoin ETFs by the US Securities and Exchange (SEC), there is plenty of competition in this market.
For instance, Coinbase, Kraken, Gemini are just a few of the relatively large number of Fintechs that already provide highly advanced trading platforms for experienced cryptocurrency traders and investors. However, Revolut has also worked hard to establish itself as a dominant and trusted name in the Fintech space (despite certain issues with reporting of its financial results and inability to acquire a UK banking license).
In the end, this is good news for consumers and other end-users because they now have even more reliable options when it comes to trading crypto-assets and exploring the fast-evolving blockchain space.