Revolut launches specialized crypto exchange for UK customers

Revolut X: The new crypto trading platform for U.K. retail customers. Fixed low fees, easy fiat-to-crypto conversion. Trade over 100 cryptocurrencies with ease.

May 7, 2024 - 16:37
May 7, 2024 - 13:10
Revolut launches specialized crypto exchange for UK customers
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Revolut introduced its new crypto trading platform, Revolut X, for U.K. retail customers, promising fixed low fees and straightforward fiat-to-crypto conversion. The fintech firm and global neobank Revolut has expanded its presence in the cryptocurrency market by launching a dedicated crypto trading platform for U.K. retail clients.

On May 7, Revolut debuted Revolut X, targeting a specific customer base. The platform aims to compete with major cryptocurrency exchanges by offering users easy access and minimal fees, as per a press release shared with Cointelegraph. Revolut X offers seamless "on-ramping" and "off-ramping" features, allowing users to convert between fiat currencies like the British pound and crypto with ease. Notably, Revolut X provides fixed fees of 0% for makers and 0.09% for takers, regardless of trading volume, potentially undercutting competitors.

Leonid Bashlykov, Revolut's head of crypto exchange product, expressed the company's enthusiasm for launching 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 support trading of over 100 cryptocurrencies, including leading ones like Bitcoin, Ether, and XRP. Revolut plans to expand its selection in the coming months.

Although the platform caters primarily to experienced crypto traders, any U.K. retail user with a Revolut account can access Revolut X on a desktop using their existing credentials, allowing them to trade directly between the platform and their Revolut accounts without extra fees or restrictions.

This launch follows Revolut's scaling back of its crypto offerings in the U.K. and the United States due to regulatory challenges. Revolut began in the U.K. in 2015, offering money transfers, and has since grown to become one of the country's largest fintech companies, with over 40 million users worldwide. It began offering cryptocurrency services in 2017.

However, in December 2023, Revolut intended to pause crypto services in the U.K. due to upcoming Financial Conduct Authority (FCA) regulations. These rules are designed to enhance transparency and safeguard investors, posing challenges for several crypto firms. Before that, in August 2023, Revolut suspended its crypto-related services in the U.S., although this only affected about 1% of its user base.

The launch of Revolut X reflects the company's renewed interest in cryptocurrency. It follows the March 2024 introduction of Revolut Ramp, a service that enables users to purchase crypto directly within their Web3 wallets through a partnership with Consensys, the creator of MetaMask.