In a major move into the digital asset space, UK banking app Revolut has unveiled Revolut X, a dedicated cryptocurrency trading platform for UK retail customers.
According to Fortune Magazine reportThe launch of the new platform signals Revolut’s commitment to the cryptocurrency industry and positions the company to compete with major players such as Coinbase and Binance.
Revolut continues its cryptocurrency push with new platforms
Interestingly, with a user base of over 40 million, Revolut is one of the largest fintech companies in the world. The new platform will reportedly allow traders to buy and sell more than 100 tokens. charge It ranges from 0 to 0.09%.
This announcement follows the launch of Revolut Ramp in March. Revolut Ramp’s partnership with MetaMask allows investors to purchase cryptocurrency directly within their wallets.
Leonid Bashlykov, head of product for cryptocurrency exchanges at Revolut, emphasized the company’s goal of helping customers grow their wealth, whether in fiat or cryptocurrency.
The profitability of UK-based fintech companies is closely tied to the cryptocurrency market. During the previous Bull Run, the company achieved profitability for the first time in 2021.. The high margins of cryptocurrency trading are expected to significantly contribute to Revolut’s profitability in the future.
Contrasting retreat in US markets
Revolut’s entry into the UK cryptocurrency market is consistent with recent developments. introduction of regulations It is regulated by the Financial Conduct Authority (FCA), the regulator in your country.
These regulations include a mandatory “24-hour cooling off period” during which investors must wait a full day before completing cryptocurrency transactions. These barriers present challenges for smaller or offshore companies, but are manageable for established companies such as Revolut, according to London fintech analyst Boaz Sobrado. Sobrado explained:
These barriers to entry may be insurmountable for small or offshore companies, but they are achievable for companies like Revolut and Kraken. This means there are fewer competitors around and therefore greater opportunities.
The company’s new focus on cryptocurrencies reflects its positive outlook for the broader market. after approval As of January 11, among the 11 spot Bitcoin exchange-traded funds (ETFs) in the U.S., the price of Bitcoin has risen more than 40%, with more than $53 billion in assets accumulated.
In addition, the entry of large financial companies into black stone Fidelity’s presence in the cryptocurrency space has accelerated market growth by expanding access to a broader pool of investors compared to previous cycles.
It is worth noting that the launch of cryptocurrency exchange services in the UK contrasts with the company’s retreat from the US market.
In August 2023, Revolut discontinued its cryptocurrency. transaction service We contacted our US customer due to unclear regulatory environment and uncertain market conditions. However, this decision only affected a small portion of the user base, about 1%.
Featured image from Shutterstock, chart from TradingView.com