Revolut Launches New Cryptocurrency Exchange in the UK to Address Regulatory Ambiguity

Revolut, a leading international neobank catering to a 40-million-strong customer base, has recently unveiled ‘Revolut X’ – a dedicated cryptocurrency exchange catering to the demands of seasoned crypto traders.

With its latest crypto offering, Revolut aims to rival established exchanges by delivering simple and efficient fiat-to-crypto conversion and competitive fee structures. ‘Revolut X’ aspires to become the preferred finance app for both newcomers and expert crypto enthusiasts, offering a reliable and user-friendly environment for cryptocurrency transactions.

The desktop version of ‘Revolut X’ empowers traders to conduct transactions in a portfolio that includes more than 100 different digital tokens.

Leonid Bashlykov, leader of the crypto exchange product division at Revolut, shared his insights: “Revolut presents the UK’s crypto community with the opportunity to delve into an array of over 100 tokens through a preeminent, standalone exchange. We are thrilled about our sophisticated new crypto solution and are confident this high-caliber trading platform will revolutionize the experience for advanced crypto traders, providing a secure and seamless trading venue.”

“At Revolut, we place our customers at the forefront of our operations, recognizing that the core desires of seasoned traders revolve around competitive pricing along with straightforward fiat-to-crypto transitions.”

“’Revolut X’, coupled with our recent alliance with MetaMask, strengthens our suite of offerings within the Web3 sphere, enabling our customers to accumulate wealth across both fiat and cryptocurrency dimensions.”

‘Revolut X’ boasts a low, flat transaction fee structure, charging only 0.09 percent for takers and zero fees for makers. Those already utilizing Revolut services can leverage seamless trading across the Revolut ecosystem, transitioning between fiat and cryptos effortlessly between ‘Revolut X’ and their personal Revolut retail accounts.

‘A notable shift from the impediments of regulatory ambiguity to fostering innovation’

Users of ‘Revolut X’ who hold a Revolut retail account will benefit from instantaneous trading and sophisticated analytics offerings, which also include real-time market trend updates to aid their transaction decisions. Integration with TradingView charts and technical indicators provide comprehensive monitoring capabilities, such as dashboards displaying the most traded tokens, top earners, and large market cap cryptocurrencies.

Alex Saleh, the head of partnerships at blockchain security company Coincover, also commented on the significance of the launch: “Revolut’s introduction of its dedicated crypto exchange marks a pivotal moment for the UK’s crypto sector, representing a remarkable departure from the regulatory indecision that had stifled innovation.

“It’s heartening to observe Revolut’s strong focus on a ‘compliance-first’ strategy. By implementing robust compliance and security measures, it exemplifies a mature approach towards crypto trading that meets institutional standards and is likely to instill trust in the marketplace. Now, Revolut’s vast user base has access to an advanced trading platform that guarantees 1:1 fund backing, offering peace of mind following the troubling events of the FTX situation.”

Revolut prioritizes the security of its users’ funds, keeping the majority in cold storage, and ensures that customer support is available around the clock through encrypted chat services. The platform’s risk management tools are designed to safeguard against unauthorized access to accounts, and the selection of trusted custodians follows an extensive due diligence protocol.