Revolut Introduces Revolut X for Crypto.
Revolut has launched Revolut X, a specialized crypto trading platform tailored for retail customers in the UK. Here's a breakdown of its key features and implications:
Introduction of Revolut X: Revolut quietly introduced Revolut X on May 7, aiming to cater to a specific segment of UK customers.
Features and Benefits: Revolut X is designed to compete with major crypto exchanges, offering easy access and minimal fees. It provides seamless fiat-to-crypto conversion with fixed low fees, appealing to experienced traders.
Cryptocurrency Selection: Initially, Revolut X offers trading for over 100 cryptocurrencies, including popular options like Bitcoin, Ether, and XRP, with plans for further expansion.
Security Measures: Customer assets are held 1:1 and kept in cold storage, ensuring robust security. Rigorous custodian due-diligence and risk monitoring enhance user protection.
User Accessibility: While targeting seasoned traders, Revolut X is accessible to all UK users with retail accounts. They can seamlessly trade between Revolut X and their existing Revolut accounts without additional fees.
Regulatory Compliance: Revolut emphasizes a "compliance first" approach, striving to adhere to legal and regulatory requirements in all jurisdictions. This approach reflects a commitment to consumer protection and regulatory alignment.
Market Context: The launch of Revolut X signals a renewed focus on crypto for Revolut, following regulatory challenges and adjustments in their crypto services in the UK and the US.
In summary, Revolut X represents a significant step for Revolut into the cryptocurrency market, offering UK users a competitive and accessible platform for crypto trading.
Sources
Cointelegraph: Revolut debuts dedicated crypto exchange for UK users