Revolut has launched Revolut X, which is described as a standalone / independent cryptocurrency trading platform that’s offered to the Fintech firm’s UK retail clients.
Revolut launched in the United Kingdom, providing fund transfers back in 2015 and started enabling users to purchase, hold and exchange virtual currencies back in 2017.
Since that time, the platform has reportedly become the UK’s biggest Fintech and has claimed over 40 million customers globally.
Revolut noted that the platform is focused on competing with various crypto-asset exchanges by providing seamless on/off-ramps as well as affordable fees.
Revolut explained that the platform is intended for professional digital asset traders. It is currently accessible via desktop for UK clients with a Revolut retail account.
Revolut X traders are able to trade over 100 crypto tokens with set / fixed 0% maker and 0.09% taker fees irrespective of their actual trading volume, Revolut’s management said.
The platform is set to go live with the same set of assets offered via the Revolut retail app. These include Bitcoin (BTC), Ethereum (ETH), and XRP.
Revolut may also expand their supported crypto-assets in the near future.
UK Revolut retail accounts may easily access the updated platform and log-in with their existing credentials.
Clients may also trade from fiat to crypto-assets and vice versa between Revolut X and Revolut. There will be no limits or fees for these types of transactions.
Revolut Head of Crypto Exchange Product Leonid Bashlykov remarked:
“We are excited by the introduction of our new crypto product, and believe this top-tier trading platform will change the game for experienced crypto traders, providing them with a safe and accessible place to trade. 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.”
The roll-out of Revolut X has been announced after the Fintech company’s launch of Revolut Ramp in March of this year.
Via a partnership with MetaMask creator Consensys, clients may acquire crypto-assets directly in their digital wallets.
This latest launch confirms Revolut’s continued interest in crypto-related products, after the suspension of digital currency trading for its UK business customers as well as the halt of its US crypto-focused services during an uncertain / difficult regulatory period.
Revolut had stated in December 2023 that it would be suspending cryptocurrency trading for its UK business clients starting from January 3, 2024.
Even though its retail clients were not impacted, its business customers were not allowed to purchase crypto tokens using the platform and had been restricted to maintaining or selling off their crypto-assets.
While communicating with customers, Revolut has previously explained that it would be “suspending the services to give it more time to adjust to new requirements set by the Financial Conduct Authority in October.”
The United Kingdom’s crypto-focused advertising guidelines, regulated by the Financial Conduct Authority, became effective on October 8, 2023. This reportedly led to issues for certain crypto-related companies.
The updated guidelines, which reportedly include a so-called cooling-off period for new investors, had been introduced with the intention that it could lead to more transparent advertising / marketing of crypto products. However, various companies, including payments firm PayPal, said they were fairly challenging. Meanwhile other service providers decided to work with third-parties for compliance matters.
Notably, Revolut revealed in August 2023 that it would be suspending cryptocurrency services in the United States completely during a period that the firm said was a difficult regulatory situation in the nation.
The development was revealed shortly after Revolut stated it would be delisting Cardano (ADA), Polygon (MATIC), and Solana (SOL) in the United States.
These are crypto tokens that the US Securities and Exchange Commission (SEC) claim are unregistered securities.
But the move didn’t impact Revolut clients residing outside of the United States and affected fewer than 1% of its crypto clients internationally.