Revolut launches crypto exchange for experienced traders in UK

As a researcher with a background in fintech and experience following the industry’s developments closely, I find Revolut’s reported move into the crypto exchange market an intriguing one. The company’s cautious approach, as evidenced by the phased introduction of its platform to experienced traders only, indicates a thoughtful strategy that could set it apart from competitors in this highly competitive space.

Experienced traders are being brought on board by the fintech app Revolut for its cryptocurrency exchange, named Revolut X, it has been reported.

Revolut, a leading fintech firm based in the UK, is reportedly rolling out its crypto exchange platform, Revolut X, in stages, reflecting the company’s heightened commitment to cryptocurrency projects.

As a researcher, based on notifications I’ve come across among a select group of users in the U.K., it appears that Revolut is taking a cautious approach to granting access to its new crypto trading platform, Revolut X, exclusively to professional traders. Preliminary reports suggest that this platform enables users to seamlessly transfer funds between their Revolut and Revolut X accounts, converting fiat currency into cryptocurrencies and vice versa. Notably, assets are stored on what’s described as “purpose-built defenses.” The exchange is said to offer zero fees for the maker of a trade and a reasonable fee of 0.09% for takers.

Up until now, Revolut has kept quiet about their recent advancement, and has attempted to get more information through a request for comment. We’ll keep you posted if we receive a response.

As an analyst, I’ve been following the developments at Revolut closely, and one intriguing piece of news that emerged last year was their plans to establish a crypto exchange. The initial whispers about this project surfaced in 2021 when Revolut began its search for a skilled professional to head up the team responsible for designing and constructing the Revolut Crypto exchange.

I, as an analyst, would put it this way: With a valuation of $25.7 billion by April 2023, the fintech firm has been providing crypto services for quite some time. As of June 2023, Revolut boasts over 30 million customers globally and grants access to over 50 different digital tokens.

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2024-05-07 11:24