Revolut, the London-based fintech giant boasting over 40 million customers globally, has ventured into the cryptocurrency realm with the launch of Revolut X, a specialized crypto trading platform tailored for retail users in the United Kingdom.
Announced today, 7 May, Revolut X aims to rival leading cryptocurrency exchanges by offering users easy access and minimal fees. The platform facilitates fiat-to-crypto conversions, allowing users to transition between traditional currencies like the British pound and over 100 cryptocurrencies.
Notably, Revolut X boasts fixed fees of 0% for makers and 0.09% for takers, regardless of trading volume, potentially undercutting competitors in the market.
While initially offering trading for popular cryptocurrencies such as Bitcoin, Ether, and XRP, Revolut X plans to expand its selection in the coming months.
Despite its focus on seasoned crypto traders, Revolut X is accessible to all UK users with retail accounts, who can access the platform using their existing credentials. Additionally, users can trade directly between Revolut X and their Revolut accounts without incurring additional fees or limitations.
The launch of Revolut X signifies a strategic shift for Revolut, reaffirming its commitment to the crypto market following previously scaling back its crypto offerings in the UK due to regulatory hurdles.
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Leonid Bashlykov, head of crypto exchange product at Revolut, 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.
“We put the customer at the heart of everything we do, and 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.
“Revolut X along with our recent partnership with MetaMask, further consolidates our product offering in the world of Web3. Together, we are empowering our customers to further grow their wealth, either in fiat or in crypto.”
