Revolut has taken a giant leap in its cryptocurrency ambitions, announcing today (7 May) the launch of a new cryptocurrency exchange, Revolut X.
The London fintech aims to compete with well-established crypto exchanges. It has put its faith in an easy on and off ramping process and low fees, standing Revolut X out from established competitors.
Fees have been set of 0% for the marker and 0.09% for the taker in crypto transactions, which can be made in over 100 different cryptocurrencies. The platform has also been designed for interconnectivity with the rest of the Revolut ecosystem.
Revolut states that Revolut X users will be able to make seamless switches from fiat currency to crypto and back again, and between the new exchange and existing Revolut retail accounts.
Leonid Bashlykov, Head of Crypto Exchange Product at Revolut, said: “Today, Revolut is offering the UK’s crypto community the opportunity to engage with more than 100 tokens through a stand-alone, best-in-class exchange platform.
“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.”
Founded in 2015, Revolut has emerged as one of the world’s preeminent non banks and fintechs. The firm’s operations encompass banking, payments, currency exchanges, commodities and cryptocurrency.
The firm’s activity in crypto has stepped up over recent years, in line with the global growth of the market. In March it partnered with MetaMask to launch a UK and Europe-focused crypto platform.
This product, Revolut Ramp, enables traders to purchase crypto directly in their wallets. Revolut X marks a further extension of the group’s crypto efforts. The firm’s target demographic for Revolut X are experienced professional traders with an interest in cryptocurrencies.
Revolut X enters a competition market, however, and will come up against some well established rivals such as market leaders Binance, Coinbase, Bybit and OKX, among others.
Bashlykov continued: “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.”
Revolut’s stepping up of its crypto operations comes at a time of heightened interest in cryptocurrency. Bitcoin in particular has enjoyed a surge in value in recent months, currently standing at US$63,000 as of today on CoinDesk.
This has partly been driven by the Securities and Exchange Commission (SEC) approval of the Spot Bitcoin ETF earlier this year. Bitcoin’s price skyrocketed in the aftermath of this decision, reaching a new high in excess of $70,000 at one point.
The launch of Revolut X comes as the company looks to step up its global operations in other areas of finance and fintech. Although a UK banking licence continues to elude the firm, it has secured a licence in Mexico and remains determined to expand further, detailing plans last week to expand its employee headcount by 40% this year.
