Revolut X Crypto Trading Platform
Fintech company and global neobank Revolut has made a big move into the cryptocurrency sphere by quietly introducing a specialized crypto trading platform for retail customers in the United Kingdom.
Revolut unveiled Revolut X on May 7, targeting a specific set of customers. The platform is designed to rival major cryptocurrency exchanges by offering easy access for users and charging minimal fees.
The platform features easy “on-ramping” and “off-ramping,” allowing users to seamlessly convert fiat currencies like the British pound to crypto and vice versa.
Notably, Revolut X offers fixed fees of 0% for makers and 0.09% for takers regardless of trading volume, potentially undercutting competitors.
Initially, the platform will offer trading for over 100 cryptocurrencies, including popular choices like Bitcoin (BTC), Ether (ETH) and XRP (XRP).
... customers' digital assets are held 1:1 and never lent out.
"The majority of these funds are also held in cold storage. Rigorous custodian due-diligence and constant risk monitoring mean that we can offer a market leading solution to our customers."
... any U.K. users with a retail account will have access to Revolut X desktop with their existing credentials, and they can trade directly between the platform and their Revolut accounts without additional fees or limitations.
Revolut — which started in the U.K. offering money transfers in 2015 — has grown to become one of the country’s largest fintech companies, with over 40 million users worldwide.
... Financial Conduct Authority (FCA). The FCA’s rules, which aim to increase transparency and protect investors...
... in August 2023, the company suspended its crypto-related services in the U.S., though it only affected around 1% of its user base _(and that is still 4 million in count!).
...a “compliance first” approach and strives to comply with the legal and regulatory requirements in all jurisdictions where it offers services.
... to ensure consumer protection and a level playing field...
The launch of Revolut X signifies a renewed focus on crypto for Revolut.
It follows the March 2024 introduction of Revolut Ramp, a service that allows users to purchase crypto directly within their Web3 wallets through a partnership with Consensys, the developer of MetaMask.
https://cointelegraph.com/news/revolut-revolut-x-crypto-trading-platform-uk
