Revolut launches ‘crypto exchange for pros’
Revolut has expanded its presence in the digital assets sector with the launch of a UK crypto exchange for “experienced traders”.
The London-based fintech said on Tuesday that the new “crypto exchange for pros”, dubbed Revolut X, would allow professional traders to buy and sell more than 100 different tokens
The offering, which was first announced in February, will include zero per cent fees to the maker of a trade and 0.09 per cent to the taker. Investors must have a retail account with Revolut to trade on the platform.
Revolut, which has more than 40m customers globally, is looking to cash in on the global boom in demand for crypto assets. Bitcoin, the world’s largest cryptocurrency, has rallied more than 46 per cent so far this year.
Fellow fintech Robinhood, which boasts some 23m customers, has also expanded its digital assets offering in recent months, launching its crypto trading service in the European Union in December.
Meanwhile, the industry is facing intense scrutiny from regulators following high-profile scandals like the collapse of FTX in November 2022.
On Monday, Robinhood said it had received a Wells Notice from the US Securities and Exchange Commission warning of a lawsuit over its crypto business.
Revolut announced last August that it would stop offering crypto trading services to customers based in the US, citing uncertainty in the market and changes to the country’s regulatory landscape.
In January, the firm temporarily paused some of its cryptocurrency services for businesses in the UK to give it more time to adjust to new requirements set by the Financial Conduct Authority (FCA).
Revolut’s new offering comes two years after prime minister Rishi Sunak expressed a wish to make the UK a “global hub” for crypto. As part of this effort, the FCA laid out sweeping plans last year to regulate so-called stablecoins.