Revolut launched a limited crypto exchange for UK users

Fintech company and global neobank Revolt have made a major move into the cryptocurrency sphere by quietly introducing a unique crypto trading platform for retail customers in the UK.

Revolut launched Revolut X on May 7, targeting a specific set of customers. The platform is designed to compete with major cryptocurrency exchanges by providing easy access to users and charging minimal fees, according to a press release shared with Cointelegraph.

The platform features easy “ramping” and “off-ramping” that allows users to convert fiat currencies such as the British pound into crypto and vice versa. Specifically, Revolut X offers fixed fees of 0% for makers and 0.09% for exchangers, regardless of transaction volume, which can undercut competitors.

Leonid Bashlikov, the head of the crypto exchange product Revolut, said that the company is “excited” to introduce a new crypto product that “changes the game for experienced crypto traders.”

We understand that what experienced traders want from a crypto platform is competitive fees as well as a simple and easy transfer process.

Initially, the platform offers over 100 currencies for trading, including popular choices like Bitcoin (BTC), Ether (ETH) and XRP (XRP). But he said he plans to expand this option in the coming months.

Bashlikov told Cointelegraph that customers' digital assets are held 1:1 and never lent.

“Many of these funds are also held in cold storage. Strict custodial due diligence and constant risk monitoring means we can provide our clients with a market-leading solution.”

He added that while the platform is designed with experienced crypto traders in mind, any UK users with a retail account can access Revolut X Desktop with their existing IDs and trade directly between the platform and their Revolut accounts at no extra cost. Limitations.

Bashlikov said the decision to create Revolut X “was something they had been thinking about for some time.”

“We're in a bull market right now and it's a good time to see more regulatory clarity.”

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This move comes after the company increased its crypto offerings due to regulatory hurdles in the United Kingdom and the United States.

In the year Revolut – which started offering money transfers in the UK in 2015 – has grown to become one of the country's largest fintech companies with over 40 million users worldwide. It started allowing users to buy, hold and trade cryptocurrencies in 2017.

However, in December 2023, the company plans to stop offering crypto services in the UK ahead of new regulations from the Financial Conduct Authority (FCA). FCA rules aimed at increasing transparency and protecting investors have presented challenges for many crypto companies.

Before that, in August 2023, the company banned its crypto-related services in the US, even though it only touched 1% of its user base.

Bashlikov said the company is taking a “compliance first” approach and strives to comply with legal and regulatory requirements in all jurisdictions where it provides services.

“We always support regulation in the crypto market to ensure customer protection and a level playing field,” he said.

The launch of Revolut X marks a renewed focus on crypto for Revolut. It follows the March 2024 launch of the Revolut Ramp, a service that will allow users to buy crypto directly in their Web3 wallet in partnership with Consensys, the developer of MetaMask.

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