TL;DR
- Revolut, the global fintech company and neobank, has launched Revolut X, a cryptocurrency trading platform for its retail customers in the UK.
- The platform offers a simple way to convert fiat currency to cryptocurrencies and vice versa, with minimal fees and easy access.
- The exchange, designed for experienced traders, provides access to popular cryptocurrencies such as Bitcoin, Ethereum, and XRP, with plans to expand the selection in the future.
Revolut, a global fintech company and neobank, has just made a leap into the crypto industry with the introduction of a specialized cryptocurrency trading platform for its retail customers in the UK. This new platform, called Revolut X, aims to offer users easy access and minimal fees for trading cryptocurrencies.
Since its launch on May 7th, Revolut X has had tremendous appeal, as it offers a simple way to convert fiat currency, such as the British pound, to cryptocurrencies and vice versa. One of the standout features of the exchange is its fee structure, with 0% for makers and 0.09% for takers, regardless of trading volume, which may provide a competitive advantage over other exchanges.
According to Leonid Bashlykov, head of cryptocurrency exchange products at Revolut, the company is introducing a product that will change the game for experienced cryptocurrency traders. The exchange has been designed with competitive fees and ease of use in mind, two key aspects for traders.
Revolut X: a Solution for UK Traders
Revolut X offers access to the most popular cryptocurrencies, such as Bitcoin, Ethereum, and XRP. But it also has plans to expand its selection in the coming months. Additionally, the platform ensures the security of clients’ digital assets by holding them in a 1:1 ratio and never lending them out. Most of these funds are kept in cold storage to ensure protection against potential cyber threats.
Although primarily targeted at experienced traders, all retail users in the UK will have access to the platform without additional fees or limitations. This means that any fintech user can trade directly between the exchange and their existing Revolut accounts easily and quickly.
Having faced regulatory hurdles in the past, the launch marks the beginning of a new approach. The company upholds its “compliance first” philosophy and strives to meet legal and regulatory requirements in all jurisdictions where it operates.
