Revolut Launches New “Invite-Only” Crypto Exchange
Banking services provider Revolut is making headlines in the cryptocurrency world with its latest announcement. According to a report on February 16, Revolut is set to debut a new “invite-only” crypto exchange, specifically targeting advanced traders.
What to Expect from Revolut’s Standalone Cryptocurrency Exchange
The email received by a UK-based customer confirmed that the new crypto exchange will offer deeper analytical tools and lower fees compared to the existing app. According to reports, the fees on the exchange will range between 0.9% and 0.09%. Revolut stated that they develop new products and functionalities based on customer demand and market trends. However, more information about the exchange will only be released when it becomes available in-app.
Currently, the product is accessible by invite only, but Revolut plans to roll it out to more customers gradually.
A Year of Regulatory Troubles
Prior to this new venture, Revolut faced regulatory challenges in relation to its cryptocurrency services. In response to heightened digital asset regulations from the Financial Conduct Authority (FCA), Revolut suspended crypto purchasing services in the UK. The company stated that these regulatory requirements aim to enhance customer protection and improve the overall customer journey.
In addition, Revolut completely halted its cryptocurrency services for US customers in August 2023 due to regulatory concerns and uncertainties in the US crypto market.
Despite these setbacks, Revolut recently announced that it will allow trading of Bonk, a Solana-based meme coin, on its platform. This news led to a 15% increase in Bonk’s value.
Crypto Community Reacts
The news of Revolut’s upcoming crypto exchange has sparked various reactions from the crypto community. Some users expressed curiosity about how the exchange will cater to advanced traders, while others criticized Revolut’s fees, claiming they are not attractive to serious traders.
It is currently unclear which customers will have access to the exchange or when the expected release date will be confirmed. As more information becomes available, crypto enthusiasts and advanced traders eagerly await the launch of Revolut’s “invite-only” crypto exchange.
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