Revolut debuts Revolut X, a specialised cryptocurrency exchange with no maker costs, in an effort to reach more than 40 million customers worldwide.
TakeAway Points:
- Revolut introduces Revolut X, a cryptocurrency exchange for experienced traders with more than 40 million users worldwide.
- Competitive fees are provided by the exchange: 0.09% for the taker and nil for the trader.
- Revolut is now in a position to be one of the first banks to establish a stand-alone cryptocurrency exchange.
Revolut Introduces A Cryptocurrency
The digital banking pioneer has now officially entered the competitive cryptocurrency exchange market, targeting experienced traders, with the launch of Revolut X.
The finance giant, which has its headquarters in London, has more than 40 million customers globally and is looking to make a significant impact on the bitcoin trading industry.
This move, which comes after years of permitting bitcoin transactions within its app, is a deliberate step towards becoming a more dedicated cryptocurrency trading platform.
Competitive Rate Schedule
The report stated that Revolut X sets itself apart with a charge structure that is aggressive in order to draw in high-volume traders. The exchange will charge transaction takers a nominal 0.09% fee, but it will impose a zero-cost policy for trade producers.
Revolut’s pricing strategy undercuts a lot of its rivals, which could impact the fees that other cryptocurrency exchanges charge. The choice to provide reduced costs via Revolut X rather than its app demonstrates the company’s dedication to providing its customers with value-driven services.
An Independent Trade
According to the report, the launch of Revolut X is a major turning point in the company’s history and in the banking sector’s acceptance of cryptocurrencies. In addition to broadening its range of services, Revolut is establishing itself as a leader among banks entering the specialised cryptocurrency trading market by creating a stand-alone exchange.
This calculated growth is a result of a growing understanding of the possibilities of cryptocurrencies and a dedication to satisfying the demanding requirements of experienced traders.
About
Revolut is a global financial technology and neobanking firm that serves both companies and retail clients. Its headquarters are in London, UK. Vlad Yatsenko and Nikolay Storonsky created it in 2015.
Products that it offers include virtual cards, Apple Pay, interest-bearing “vaults,” currency exchange, debit and credit cards, stock trading, cryptocurrency, commodities, human resources, and other services. It also offers personal loans and BNPL (where it holds a banking licence).
In December 2021, the European Central Bank awarded the company a full banking licence. Revolut offers its banking services in 30 countries.
Revolut was breaking even in November 2020 and went on to become the most valuable fintech business in the UK with a valuation of £4.2 billion. The company was valued at US$33 billion after raising US$800 million in funding in July 2021, making it the most valuable digital startup in the UK at the time. Revolut’s user deposits hit £12.6 billion ($15.5 billion) in 2022.
Revolut employed approximately 7,500 workers in more than 25 countries as of December 2023, more than doubling its number.
The European Union licences and regulates Revolut Bank UAB, the company’s subsidiary operating in the European Economic Area.
Depositors’ funds are safeguarded by deposit insurance, which is provided by the Lithuanian State Company Deposit and Investment Insurance.
