Nikolas Sargeant
Revolut has launched Revolut X, a specialized crypto trading platform for retail clients in the UK. It quietly entered the market on May 7, aiming to offer convenient access and minimal fees. With fixed fees of 0% for makers and 0.09% for takers, Revolut X competes aggressively while enabling seamless fiat-to-crypto conversion.
Initially, the platform supports trading for over 100 cryptocurrencies, including Bitcoin, with plans for expansion. It prioritizes security, assuring users that their digital assets are held securely at a 1:1 ratio, mostly in cold storage. This stringent custodian due diligence aligns with Revolut's commitment to market-leading security.
Revolut X's accessibility extends to all UK users with retail accounts, enabling integration with existing Revolut credentials. Moreover, users can trade between the platform and their Revolut accounts without added fees or limitations, enhancing convenience.
The platform's launch comes amid regulatory developments. Revolut's recalibration of its crypto offerings underscores its commitment to compliance and consumer protection. Bashlykov emphasizes a "compliance-first" approach, ensuring regulatory alignment across jurisdictions.
Revolut X's debut aligns with a strategic pivot toward bolstering its crypto services, following the introduction of Revolut Ramp in March 2024. Revolut Ramp, in collaboration with Consensys, allows users to purchase cryptocurrencies directly within their Web3 wallets, expanding Revolut's presence in the digital asset landscape.
