Key Insights
- Revolut has launched a standalone crypto trading platform called Revolut X, initially available to its UK retail customers.
- Revolut X offers trading in over 100 tokens with low fees of 0.09% for takers and 0% for makers, aiming to compete with major crypto exchanges.
- The move follows Revolut halting crypto services for UK business clients and in the U.S. due to regulatory hurdles.
LONDON (MarketsXplora) – British fintech firm Revolut on Tuesday rolled out Revolut X, a standalone cryptocurrency trading platform aimed at competing with leading exchanges by offering low fees and easy access for its millions of retail customers.
Revolut, which began allowing users to buy and sell digital assets in 2017, said the new desktop platform was initially available to its UK retail customers, with plans for a broader international rollout in the coming months.
The move marks a renewed push by Revolut into the crypto space following the suspension of such services for its UK business customers last year and the halting of crypto offerings in the United States amid a challenging regulatory environment.
“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,” said Leonid Bashlykov, Head of Crypto Exchange Product at Revolut.
Revolut X will offer trading in over 100 tokens including bitcoin, ether and XRP, with fees capped at 0.09% for takers and 0% for makers regardless of trade size, the $33 billion company said. Users can also transfer funds seamlessly between Revolut X and the main Revolut app with no fees or limits.
The platform launch follows Revolut’s introduction of a fiat-to-crypto ramp service enabling customers to buy cryptocurrencies directly into their Web3 wallets in March.
However, the company has faced hurdles in recent times over the offering of crypto services in some markets. In December, it halted crypto trading for UK business clients to adjust to new advertising requirements from Britain’s financial watchdog.
In August 2023, Revolut also discontinued its crypto offering in the United States due to the country’s evolving regulatory landscape, though the move impacted less than 1% of its global crypto customers.
Revolut has grown rapidly since its launch in 2015 to become Britain’s biggest fintech unicorn with over 25 million customers globally. Yet its expansion into crypto has mirrored wider industry challenges around regulatory scrutiny.
Major crypto exchanges like Coinbase, Binance and FTX have faced intense regulatory pressure worldwide following a string of blowups and scandals that eroded consumer confidence in digital assets.
Revolut is aiming to capitalize on its existing retail user base to gain market share in the crypto trading space, touting its platform as a cheaper and more convenient way for customers to access digital tokens.
Revolut declined to provide specific user targets for Revolut X but said the offering underscored its commitment to the crypto market despite the challenges.
Crypto trading volumes have slumped to 2022 levels as turbulence in the industry turned institutional investors wary. Yet many retail traders have remained engaged, driving hopes that demand will eventually return as the sector matures.
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