Revolut Launches New Crypto Trading Platform
Revolut, a global fintech firm, has recently rolled out its standalone crypto trading platform called Revolut X, catering specifically to UK retail customers. This move comes as part of Revolutโs efforts to expand its services beyond money transfers to include cryptocurrency buying, holding, and exchanging.
With a customer base of over 40 million worldwide, Revolut has solidified its position as the largest fintech company in the UK.
Revolut X Takes on Crypto Exchanges
Revolut has designed its new platform, Revolut X, to rival top crypto exchanges by offering seamless on/off-ramping and low fees. While initially targeted at professional traders, Revolut X is now accessible on desktop for all UK users with a Revolut retail account.
- Traders on Revolut X can engage in over 100 token trades
- Fixed fees of 0% for makers and 0.09% for takers
- Asset selection, including bitcoin, ether, and XRP, to be expanded in the future
Revolutโs Commitment to Digital Assets
The launch of Revolut X signals the companyโs renewed focus on crypto services, following recent regulatory challenges. In the past, Revolut had to suspend crypto trading for its UK business clients and terminate services in the US due to regulatory constraints.
- Revolut enables users to purchase crypto directly in their Web3 wallets
- Revolut X signifies a return to crypto services after regulatory hurdles
- Focus on transparency and compliance with evolving regulations
Challenges and New Ventures in Crypto Space
Revolutโs decision to pause crypto trading for its UK business customers was prompted by regulatory changes introduced by the Financial Conduct Authority in October. These rules aimed to enhance transparency and protect investors, but many firms, including Revolut, found it challenging to comply.
Additionally, Revolut halted its crypto services in the US amidst regulatory uncertainties, citing challenges with certain tokens being classified as unregistered securities by the SEC.
Former Revolut employees have capitalized on the growing crypto market by launching a new exchange called X10, highlighting the continued interest and investment in the crypto space.
Hot Take: Revolutโs Crypto Expansion Signals Industry Growth
Revolutโs foray into standalone crypto trading with Revolut X represents a strategic move to cater to the evolving needs of crypto investors. As the crypto market continues to expand globally, platforms like Revolut X provide users with more options and accessibility. Despite regulatory challenges, Revolutโs commitment to digital assets signals a positive outlook for the industry.
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