By
Godfrey Benjamin
May 27th, 2024
This newly developed exchange will allow customers to trade directly from it rather than using the Revolut app, thereby enjoying lower fees.
Revolut, a digital banking firm based in London, has launched Revolut X, a cryptocurrency exchange aimed at providing a suitable trading platform for professional traders. This move makes them the first bank to develop a separate platform for cryptocurrency traders.
Unveiling Revolut X: A Dedicated Platform for Crypto Enthusiasts
The digital bank, which boasts 40 million users across the globe, has been permitting its customers to buy and sell crypto on its Revolut App before announcing in February that it will be developing a separate crypto exchange.
This newly developed exchange will allow customers to trade directly from it rather than using the Revolut app, thereby enjoying lower fees. The structure of the fees has been set: the maker of the trade will be charged zero fees, while the taker of the trade will be charged 0.09%.
According to Revolut, the new development aims to compete with established and leading crypto exchanges. Starting today, the platform designed for professional traders is now available on desktops for all UK customers with a Revolut retail account. Digital assets like those already on the Revolut retail app will first be available on the new exchange platform. These include Bitcoin, Ethereum, and XRP, with more to be included in the coming months.
The firm revealed that UK Revolut retail account holders can seamlessly sign in to the newly created crypto exchange using their existing details. Customers can also trade crypto to fiat and vice versa between Revolut X and Revolut with zero fees.
Enhanced Accessibility
This consistent upgrade of the app and the launch of the crypto exchange show the company’s commitment to enhancing the accessibility and convenience of its customers. By creating a standalone exchange and offering a user-friendly interface, Revolut ensures its large customer base can seamlessly participate in the crypto market. This new feature will also enable traders to trade comfortably on the go. The educational resources within the Revolut app will also empower users with knowledge, creating responsible trading practices.
The bank’s commitment to providing top-tier crypto trading experiences is demonstrated in the words of Revolut Head of Crypto Exchange Product Leonid Bashlykov. He said:
“We are excited by the introduction of our new crypto product and believe this top-tier trading platform will change the game for experienced crypto traders, providing them with a safe and accessible place to trade.”
Before the launch, the digital bank had been making a series of improvements to its platform; recently, in collaboration with MetaMask, it introduced Revolut Ramp in March, which is aimed at making the purchase of cryptocurrency smooth and easy for its clients. This can also be accessed directly within MetaMask’s mobile app, browser extension, or on MetaMask Portfolio.
According to the release on their blog page, users of their platform can easily add to their MetaMask self-custody wallet with low fees by using their Revolut account, Visa, or Mastercard credit or debit bank card.