British neobank Revolut is taking a further step into the world of cryptocurrencies with the launch of its dedicated trading platform, Revolut X, initially available to customers residing in the United Kingdom.
Revolut X hits the UK market
The British neobank Revolut has just announced the launch of “Revolut X”a trading platform entirely dedicated to cryptocurrencies aimed at both individuals and professionals.
Revealed on May 7, However, the Revolut X platform will initially only be available to fintech customers residing in the United Kingdom. Offering fees of 0% for makers and 0.09% for takers regardless of trading volumes, Revolut claims to want to compete with the main cryptocurrency exchanges.
To begin with, Revolut X should offer the same cryptocurrencies for trading as those already available on its application such as Bitcoin, Ether, BNB, SOL, However, the list should expand in the coming months.
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Overview of the trading interface on Revolut
We are excited about the introduction of our new crypto product, and we believe this leading trading platform will be a game-changer for experienced crypto traders, providing them with a safe and accessible place to trade.
According to the press release, UK Revolut users will have the ability to exchange cryptocurrencies or fiat currencies between Revolut and Revolut X without fees. An initiative allowing users of the trading platform to fund their account in a simplified manner, an essential condition for a quality user experience according to Leonid Bashlykov:
We understand that competitive fees and simplified on and off ramp solutions are at the heart of what experienced traders expect from a cryptocurrency platform.
Regarding the security of cryptocurrencies, Revolut clarified that they were stored on cold wallets.
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The neobank continues its initiatives around cryptocurrencies
Since its launch in 2015, Revolut has increased its immersions in the world of cryptocurrency. Shortly before unveiling Revolut
The fintech started offering cryptocurrency products in 2017although it found itself forced to juggle the various regulatory barriers regarding this type of assets in both the United Kingdom and the United States.
An approach, however, far from disturbing Revolut, according to Leonid Bashlykov:
We have always advocated for regulation of the cryptocurrency market to ensure consumer protection and a level playing field.
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In the making since 2021, Revolut and while the institutionalization of cryptocurrencies is growing.
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