Revolut Launches Crypto Trading Platform in 30 Additional European Markets
London-based fintech firm Revolut has expanded its crypto trading platform, Revolut X, into 30 additional European markets to attract experienced traders seeking alternatives to traditional exchanges.
Launched earlier this year as a standalone exchange in the UK, Revolut X aims to enhance its presence across Europe. Leonid Bashlykov, Head of Product at Revolut’s crypto exchange, stated:
“With the expansion of Revolut X, we’re aiming to make a real impact in the crypto trading space and offer a strong alternative to some of the more established platforms.”
To use Revolut X, customers must have a Revolut account registered in the European Economic Area or the UK. The platform offers access to over 200 cryptocurrencies, real-time analytics, and market tracking tools integrated with TradingView charts, catering to experienced traders.
Revolut X Competes with Top Crypto Exchanges
Revolut has over 45 million customers globally and has been engaged in crypto trading since 2017. The launch of Revolut X in May marked a significant milestone, allowing direct competition with crypto-native exchanges. The platform features TradingView integration and advanced market monitoring tools, including dashboards for top-traded tokens and highest market cap coins.
Revolut launches crypto trading platform Revolut X@RevolutApp introduces "Revolut X" in the UK, a dedicated crypto trading platform targeting professional traders. 🇬🇧
Available from today, users can trade over 100 tokens with 0% maker and 0.09% taker fees.
— Satoshi Club (@esatoshiclub) May 7, 2024
Bashlykov emphasized that crypto aligns with Revolut's vision of borderless banking, reflecting a broader trend of financial institutions expanding crypto services. Companies like PayPal, Robinhood, Stripe, and BlackRock are also increasing their involvement in the sector, indicating substantial growth and interest.
In September, Revolut began launching its own stablecoin, further diversifying its crypto offerings. While the 2023 financial statements did not specify changes in crypto contributions to profits, CEO Nikolay Storonsky noted that during the 2021 bull run, crypto accounted for 30% to 35% of nearly $40 million in profit, as reported on Bloomberg TV in 2022.
Revolut Secures Strategic Crypto Partnerships
This year, Revolut initiated several strategic initiatives, including partnerships with companies like MetaMask and expanding its crypto team by 60%, now exceeding 100 employees. The strategy positions Revolut X as the “go-to financial app for crypto pros,” targeting experienced traders who can navigate and trade over 200 tokens across the new European markets and the UK.
A key feature of Revolut X is the ability for customers to withdraw and deposit funds without limits or fees, aimed at attracting more traders by removing common barriers associated with crypto exchanges. The desktop-based trading platform is exclusively available to customers with a UK or EEA-based Revolut account, ensuring a seamless transition for existing users to the expanded services.