Revolut Launches Cryptocurrency Exchange

Fintech company Revolut has unveiled Revolut X, a standalone cryptocurrency platform aimed at experienced traders, featuring simplified deposits/withdrawals and low fees. This was reported by The Block.

For makers, the fee will be 0%, while for takers it will be 0.09%, regardless of turnover.

Clients will have access to over 100 tokens. The exchange initially operates with digital assets featured in the retail app, including Bitcoin, Ethereum, and XRP. An expansion of the lineup is planned in the coming months.

Users in the UK with a retail account in the app have access to the platform. They can use their existing credentials. Clients can exchange fiat for cryptocurrencies and vice versa between Revolut X and Revolut without restrictions and fees.

According to company representatives, the exchange aims to compete with leading industry players.

“Revolut X will be a game-changer for experienced traders, providing them with a secure and accessible place to trade,” explained Leonid Bashlykov, head of the company’s cryptocurrency products.

ForkLog reported on the platform’s testing in February 2024.

Since September 2, 2023, Revolut has suspended cryptocurrency services in the US due to the “changing regulatory environment and uncertainty surrounding the digital asset market.” 

Since January 3, the fintech company has banned cryptocurrency purchases for business clients in the UK due to new requirements from the FCA. On October 8, 2023, the country implemented an updated regime for digital asset advertising.

In March, Revolut launched the Revolut Ramp feature, allowing users to top up their MetaMask wallets from the neobank’s fiat account. The initiative aims to simplify the purchase of digital assets for clients. The service will be available to residents of the UK and the European Union.

At the same time, it became known that developers were testing a non-custodial crypto wallet with an on-chain payment card by Mastercard, issued by Baanx.