By David Young-
Revolut, the popular financial technology company, has unveiled its standalone cryptocurrency exchange, aiming to lure users with lower fees compared to traditional trading methods.
The London-based fintech said on Tuesday that the new “crypto exchange for pros”, dubbed Revolut X, would allow professional traders to buy and sell more than 100 different tokens.
The firm was launched in the UK offering money transfers in 2015, and began allowing users to buy, hold and exchange cryptocurrencies in 2017.
It has since evolved to become the UK’s largest fintech company and has reached more than 40 million customers worldwide.
Revolut said the new platform was aimed at competing with leading crypto exchanges by offering easy on/off-ramping and low fee
The circulated emailed announcement on Tuesday, revealed that it would charge zero fees to the maker of a trade and only 0.09% to the taker.
This move is designed to entice users to trade directly through the Revolut exchange rather than buying and selling cryptocurrencies within the Revolut app.
Revolut aims to attract both novice and experienced traders to its platform.
While some banks have dabbled in offering cryptocurrency trading services to customers, Revolut is among the first to develop a dedicated crypto exchange. This signals a strategic shift towards catering to the growing demand for cryptocurrency trading among its user base.
Revolut’s zero maker fees and low taker fees are expected to make it a competitive player in the cryptocurrency exchange market. The platform’s ease of use and seamless integration with the existing Revolut app could further solidify its position as a preferred choice for cryptocurrency enthusiasts.
Revolut’s foray into standalone crypto trading represents has been hailed as a significant development in the area of its commitment to innovation and its willingness to adapt to the evolving needs of its users.
Revolut, which has more than 40m customers globally, is looking to cash in on the global boom in demand for crypto assets. Bitcoin, the world’s largest cryptocurrency, has rallied more than 46 per cent so far this year.
The desktop-only exchange offers real-time trading of over 100 tokens with market and limit orders.
It also has a digital dashboard that provides users with a view technical indicators, TradingView charts, as well as top-traded, top-gaining, and top market-cap coins.
The rollout is viewed as a renewed push by Revolut into the crypto space following the halt of crypto trading for its UK business clients and the termination of US crypto services owing to the challenging regulatory environment.
This latest step follows a recent integration with self-custodial wallet MetaMask, enabling users to replenish their holdings with crypto purchases from their Revolut accounts.