Revolut, the global fintech company and neobank, has made a significant entry into the cryptocurrency space with the introduction of Revolut X.
Revolut, the global fintech company and neobank, has made a significant entry into the cryptocurrency space with the introduction of Revolut X, a specialized crypto trading platform for retail customers in the United Kingdom. The platform, which aims to rival major cryptocurrency exchanges, offers easy access and minimal fees.
Initially, Revolut X will enable trading for over 100 cryptocurrencies, including popular choices like Bitcoin (BTC), Ether (ETH), and XRP. However, the platform plans to expand its selection in the coming months. Revolut X features seamless conversion of fiat currencies like the British pound to cryptocurrencies and vice versa, referred to as "on-ramping" and "off-ramping." Notably, the platform charges fixed fees of 0% for makers and 0.09% for takers, regardless of the trading volume, potentially undercutting its competitors.
Revolut X is designed with seasoned crypto traders in mind, but all UK users with a retail account can access the platform. They can seamlessly trade between the platform and their Revolut accounts without additional fees or limitations. Revolut stated that customers' digital assets are held 1:1 and never lent out. The majority of these funds are stored in cold storage, and rigorous custodian due-diligence and constant risk monitoring ensure a market-leading solution for customers.
Revolut's move into the crypto space comes after scaling back its crypto offerings in the UK and the US due to regulatory challenges. However, with the launch of Revolut X, the company demonstrates a renewed focus on cryptocurrencies. Revolut, which initially started as a money transfers service in the UK in 2015, has grown into one of the country's largest fintech companies, boasting over 40 million users worldwide. In 2017, it began allowing users to buy, hold, and trade cryptocurrencies.
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