British fintech giant Revolut has launched a new cryptocurrency trading platform called Revolut This move, highlighted in a recent blog post, solidifies Revolut’s commitment to the cryptocurrency industry, which aims to accommodate both beginners and seasoned cryptocurrency investors.
With a user base of over 40 million, Revolut is one of the world’s largest fintech companies and is now poised to compete with major cryptocurrency exchanges like Coinbase (NASDAQ:COIN) and Binance. The platform offers trading options for over 100 tokens and fees range between 0 and 0.09%. Trading on Revolut X requires an existing Revolut account, allowing users to easily transfer funds between Revolut X and a standard Revolut retail account.
This development follows Revolut’s partnership with MetaMask in March to introduce Revolut Ramp, a feature that enables direct cryptocurrency purchases. According to Leonid Bashlykov, head of cryptocurrency exchange product at Revolut, the platform is designed to help customers grow their wealth in both fiat and cryptocurrency assets.
Fintech analyst Boaz Sobrado noted that Revolut’s profitability is closely aligned with its cryptocurrency operations, especially during the 2021 cryptocurrency market bull market. He emphasized that the high margins of cryptocurrency trading are likely to continue to improve Revolut’s financial performance.
The launch comes in line with recent regulations from the UK’s Financial Conduct Authority, which introduced a mandatory 24-hour cooling-off period for cryptocurrency trading, making it easier for large, established companies such as Revolut and Kraken to outperform smaller or overseas players. You have set your preferred barrier.
The optimism surrounding Revolut X also has to do with broader market dynamics. Since the U.S. approved 10 spot Bitcoin exchange-traded funds on January 11, which now have more than $53 billion in assets under management, the cryptocurrency market has grown significantly. Companies issuing cryptocurrency products such as BlackRock (NYSE:BLK) and Fidelity have further expanded their investor base, enhancing market potential.
However, Revolut’s strengthening in the UK market contrasts with its recent retreat from the US cryptocurrency market in August 2023 due to regulatory uncertainty, affecting only 1% of users. Meanwhile, other fintech companies, such as Robinhood (NASDAQ:HOOD), are also facing regulatory issues in the U.S., with Robinhood receiving a Wells Notice from the SEC regarding its cryptocurrency operations.
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