Revolut launches standalone crypto trading platform for UK retail customers

Quick Take

  • Fintech app Revolut has launched a standalone crypto trading platform for UK retail customers named Revolut X.
  • Revolut previously halted crypto trading for UK business clients and terminated its U.S. crypto services amid a challenging regulatory environment.

Global fintech company Revolut rolled out Revolut X on Tuesday — a standalone crypto trading platform available to its UK retail customers.

The firm launched in the UK offering money transfers in 2015 and began allowing users to buy, hold and exchange cryptocurrencies in 2017. Since then, it has become the UK’s largest fintech company and has reached more than 40 million customers worldwide.

Revolut said the new platform was aimed at competing with leading crypto exchanges by offering easy on/off-ramping and low fees, according to a statement shared with The Block. Though the firm stated that the platform was designed for professional traders, it is available on desktop for all UK users with a Revolut retail account from today.

Revolut X traders can trade more than 100 tokens with fixed 0% maker and 0.09% taker fees regardless of their trading volume, the firm said. The platform will initially launch with the same assets already available on the Revolut retail app, including bitcoin, ether and XRP, a Revolut spokesperson told The Block, but it plans to expand this in the coming months.

UK Revolut retail account holders can simply access the new platform and sign in using their existing credentials, the spokesperson added. Users can also trade from fiat to crypto and vice versa between Revolut X and Revolut with no limits or fees, the firm said.

“We are excited by the introduction of our new crypto product, and believe this top-tier trading platform will change the game for experienced crypto traders, providing them with a safe and accessible place to trade,” Revolut Head of Crypto Exchange Product Leonid Bashlykov said. “We understand that competitive fees as well as easy on and off ramping are at the heart of what experienced traders want from a crypto platform.”

The launch of Revolut X follows the firm’s introduction of Revolut Ramp in March. Through a partnership with MetaMask developer Consensys, users can purchase crypto directly in their Web3 wallets.

Challenging regulatory environment

The rollout marks Revolut’s renewed interest in crypto service offerings following the halt of crypto trading for its UK business clients and the termination of its U.S. crypto services amid a challenging regulatory environment.

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