Revolut Launches UK Crypto Exchange
Revolut, a fintech company and global neobank, has quietly entered the cryptocurrency market by launching a specialized crypto trading platform called Revolut X. The platform, which was unveiled on May 7, aims to attract retail customers in the United Kingdom by offering easy access and low fees. With Revolut X, users can easily convert fiat currencies like GBP to cryptocurrencies and vice versa through a seamless on-ramping and off-ramping process. One of the standout features of the platform is its fixed fees of 0% for makers and 0.09% for takers, regardless of trading volume, potentially undercutting its competitors.
According to Leonid Bashlykov, the Revolut head of crypto exchange product, the company is excited to introduce a crypto product that will cater to experienced traders. The platform currently supports trading for over 100 cryptocurrencies, including popular choices like Bitcoin, Ether, and XRP. Revolut plans to expand its selection in the future. While Revolut X was initially designed for seasoned traders, it is accessible to all retail customers in the UK with existing Revolut accounts, allowing them to trade directly between the platform and their accounts without any additional fees or limitations.
Revolut’s venture into the cryptocurrency market comes after scaling back its crypto offerings in both the UK and the US due to regulatory challenges. The company, which started in 2015 as a money transfer service, has since become one of the largest fintech companies in the UK, serving over 40 million users globally. It began offering cryptocurrency services in 2017 but had to halt these services in the UK by December 2023 due to new regulations from the Financial Conduct Authority (FCA). The FCA’s rules aim to enhance transparency and protect investors but have posed difficulties for numerous crypto firms. Revolut also suspended its crypto-related services in the US in August 2023, affecting a small portion of its user base.
The launch of Revolut X marks a renewed focus on cryptocurrencies for Revolut. It follows the introduction of Revolut Ramp in March 2024, which allows users to purchase crypto directly within their Web3 wallets through a partnership with Consensys, the developer of MetaMask.
27 thoughts on “Revolut Launches UK Crypto Exchange”
Leave a Reply
You must be logged in to post a comment.
Revolut has really come a long way since its inception in 2015. Now serving over 40 million users globally, it’s clear that they’re doing something right. 💼🌟
It’s exciting to see Revolut’s renewed focus on cryptocurrencies. They’re showing their commitment to staying at the forefront of the fintech industry.
The fact that they had to partner with Consensys for their previous crypto offering doesn’t bode well for their expertise in this area.
Revolut may have a large user base, but that doesn’t automatically translate to success in the cryptocurrency market. They have a lot to prove.
It’s interesting that they’re targeting retail customers in the UK. Are they trying to make up for their previous missteps by appealing to a new market? 🤷♂️
I love how Revolut is making crypto trading accessible to all retail customers in the UK with existing Revolut accounts. No additional fees or limitations? Count me in!
I’m sorry, but I don’t trust Revolut with my money. They’ve already had to suspend their crypto services in the UK and the US. Why should I believe they’ll get it right this time? 😒
The launch of Revolut X shows that Revolut is not afraid to take risks. They’re constantly pushing boundaries and innovating in the fintech space.
Fixed fees might sound enticing, but I’ll wait and see if Revolut can actually deliver on their promises. 🤔
Wow, Revolut is really stepping up their game! The launch of Revolut X is a game-changer in the crypto market!
Revolut’s previous suspension of crypto services makes me question their ability to handle the complexities of this market.
The fixed fees on Revolut X are a huge plus! 0% fees for makers and only 0.09% for takers, regardless of trading volume? That’s definitely going to attract some attention. 👌💯
Kudos to Revolut for always listening to its users and striving to meet their needs. The launch of Revolut X shows that they’re constantly evolving and improving their services.
Scaling back their offerings due to regulatory challenges doesn’t exactly instill confidence in their ability to succeed in this space.
Revolut’s global reach is impressive. It’s amazing to see how far they’ve come in just a few years. 💼🌍
I’m loving the seamless on-ramping and off-ramping process on Revolut X. It makes trading cryptocurrencies a breeze!
I’m glad Revolut is back in the crypto market! It’s a testament to their determination and commitment to providing the best services to their users. 👏👍
Revolut’s commitment to enhancing transparency and protecting investors is commendable. It shows that they put their users’ interests first.
Revolut should focus on perfecting their existing services before diving into new ventures. They can’t afford any more setbacks. ⏳
With Revolut X, we can finally trade cryptocurrencies without worrying about high fees. This is a win for retail customers like us!
Another day, another cryptocurrency platform. I’m not convinced Revolut has anything unique to offer. 🤷♀️
Revolut’s persistence in the face of regulatory challenges is commendable. They’re proving that they can adapt and come back stronger than ever.
Revolut X’s user-friendly interface makes trading cryptocurrencies a breeze. It’s perfect for both experienced traders and beginners alike.
It’s great that Revolut is taking regulatory challenges seriously and finding innovative solutions to continue offering crypto services. They’re not giving up!
Revolut X is definitely a game-changer in the crypto world. Thank you, Revolut, for making it easier for us to access and trade cryptocurrencies.
Revolut X is leveling the playing field by offering its crypto platform to all retail customers. This inclusivity is what sets them apart from the competition.
This article is just another example of Revolut’s consistently poor decision-making. They can’t seem to navigate the regulatory challenges of the cryptocurrency market.