Global fintech company Revolut rolled out Revolut X on Tuesday — a standalone crypto trading platform available to its UK retail customers.
Revolut X traders can trade more than 100 tokens with fixed 0% maker and 0.09% taker fees regardless of their trading volume, the firm said. The platform will initially launch with the same assets already available on the Revolut retail app, including bitcoin, ether and XRP, a Revolut spokesperson told The Block, but it plans to expand this in the coming months.
The launch of Revolut X follows the firm’s introduction of Revolut Ramp in March. Through a partnership with MetaMask developer Consensys, users can purchase crypto directly in their Web3 wallets.The rollout marks Revolut’s renewed interest in crypto service offerings following the halt of crypto trading for its UK business clients and the termination of its U.S. crypto services amid a challenging regulatory environment.
The UK’s crypto advertising rules, regulated by the FCA, came into effect on Oct. 8, 2023 — causing complications for some crypto firms. The new rules, which include a cooling-off period for first-time investors, were rolled out in the hope it would make the marketing of crypto products more transparent and accurate but several firms, including payments giant PayPal, found them challenging, while others turned to third parties for compliance.