Revolut debuts dedicated crypto exchange for UK users
(Coin Telegraph)-08/05/2024
Fintech company and global neobank Revolut has made a big move into the cryptocurrency sphere by quietly introducing a specialized crypto trading platform for retail customers in the United Kingdom.
Revolut unveiled Revolut X on May 7, targeting a specific set of customers. The platform is designed to rival major cryptocurrency exchanges by offering easy access for users and charging minimal fees, according to a press release shared with Cointelegraph.
The platform features easy “on-ramping” and “off-ramping,” allowing users to seamlessly convert fiat currencies like the British pound to crypto and vice versa. Notably, Revolut X offers fixed fees of 0% for makers and 0.09% for takers regardless of trading volume, potentially undercutting competitors.
Leonid Bashlykov, the Revolut head of crypto exchange product, said that the company is “excited” to introduce a new crypto product that will “change the game for experienced crypto traders.”
“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.”
Initially, the platform will offer trading for over 100 cryptocurrencies, including popular choices like Bitcoin. However, it says it plans to expand this selection in the coming months.
Bashlykov told Cointelegraph that customers’ digital assets are held 1:1 and never lent out.
“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.”
It added that while the platform was designed with seasoned crypto traders in mind, any U.K. users with a retail account will have access to Revolut X desktop with their existing credentials, and they can trade directly between the platform and their Revolut accounts without additional fees or limitations.
Bashlykov said that the decision to create Revolut X was one they were “thinking about taking for a while.”
“It’s good timing, in the sense that we’re currently amid a bull market and seeing greater regulatory clarity now.”
This move comes after the company scaled back its crypto offerings in the U.K. and the United States due to regulatory hurdles.
Revolut — which started in the U.K. offering money transfers in 2015 — has grown to become one of the country’s largest fintech companies, with over 40 million users worldwide. It began allowing users to buy, hold and trade cryptocurrencies in 2017.
However, in December 2023, the company planned to halt crypto services in the U.K. ahead of new regulations from the Financial Conduct Authority (FCA). The FCA’s rules, which aim to increase transparency and protect investors, have presented challenges for several crypto firms.
Before that, in August 2023, the company suspended its crypto-related services in the U.S., though it only affected around 1% of its user base.
Bashlykov said that the company is taking a “compliance first” approach and strives to comply with the legal and regulatory requirements in all jurisdictions where it offers services.
“We have always been advocating for regulation in the crypto market to ensure consumer protection and a level playing field,” he said.
The launch of Revolut X signifies a renewed focus on crypto for Revolut. It follows the March 2024 introduction of Revolut Ramp, a service that allows users to purchase crypto directly within their Web3 wallets through a partnership with Consensys, the developer of MetaMask.
