Revolut, a leading fintech company and global neobank, has made a significant foray into the cryptocurrency sphere with the introduction of a specialized crypto trading platform called Revolut X. The platform, quietly unveiled on May 7, is aimed at retail customers in the United Kingdom and is designed to compete with major cryptocurrency exchanges by offering easy access and minimal fees.
Revolut X features seamless conversion between fiat currencies like the British pound and over 100 cryptocurrencies, including popular choices like Bitcoin, Ether, and XRP. The platform offers fixed fees of 0% for makers and 0.09% for takers, regardless of trading volume, potentially undercutting competitors in the market.
Leonid Bashlykov, the Revolut head of crypto exchange product, expressed excitement about the new platform, stating that it will “change the game for experienced crypto traders.” He emphasized that competitive fees and easy on and off-ramping are key features that experienced traders look for in a crypto platform.
Notably, Revolut X ensures that customers’ digital assets are held 1:1 and never lent out, with the majority of funds held in cold storage. The platform was designed with seasoned crypto traders in mind, but all U.K. users with a retail account will have access to Revolut X desktop with their existing credentials, allowing them to trade directly between the platform and their Revolut accounts without additional fees or limitations.
The decision to create Revolut X comes after the company faced regulatory hurdles in the U.K. and the United States, leading to the scaling back of its crypto offerings in those regions. However, Bashlykov emphasized that Revolut is taking a “compliance first” approach and aims to comply with legal and regulatory requirements in all jurisdictions where it offers services.
The launch of Revolut X marks a renewed focus on crypto for the company, following the introduction of Revolut Ramp in March 2024. This service allows users to purchase crypto directly within their Web3 wallets through a partnership with Consensys, the developer of MetaMask.
Overall, Revolut’s move into the cryptocurrency sphere with Revolut X signals a strategic shift towards catering to the needs of crypto traders and providing a user-friendly platform with competitive fees and easy access to a wide range of cryptocurrencies.