Revolut, the so-called global neobank and fintech company that is enjoying great success due to its simplicity and user-friendliness, has announced its entry into the world of cryptocurrencies. The company's landing, if you want to call it that, will be through the service dubbed Revolut X. What is it all about? Basically, we are talking about a trading platform, highly specialised and intended - for now - only for residents of the United Kingdom.
Revolut X: the Cryptocurrency Exchange according to Revolut
The Revolut X platform has been in the making for several months. According to leaks, it has been designed with a very specific goal in mind: to be able to compete with the leading crypto exchanges, offering the well-known ease of use and ease of access that already characterise the brand's banking services and charging minimal fees. The two aspects that distinguish this new product, therefore, are convenience and practicality.
The main feature highlighted by the build shared with the press and online industry publications is the on- and off-ramping function. This will allow all users to convert, without any friction, a fiat currency, such as the pound sterling, into crypto, or to carry out the opposite transaction. The fees will be fixed and quite advantageous: we are talking 0% for makers and 0.09% for takers. The commissions are not linked to trading volume, so no one is afraid of a lower number of transactions than more established competitors.
According to Leonid Bashlykov, head of crypto exchange product for Revolut, the company is enthusiastic. The introduction of this new product, according to the company's top management, could change the scenario for even the most experienced traders.
The Potentials of Revolut X
Initially, Revolut X will focus on a finite, but still considerable, number of cryptocurrencies. As of now,trading to over 100 different tokens will be possible, including popular ones such as Bitcoin, Ether and Ripple. In the coming months, when the service is launched and up and running, the selection of currencies will be expanded.
"We are well aware that competitive fees and ease of access and exit are at the core of what traders, even experienced ones, demand from a crypto platform. The majority of funds will be kept in cold storage and the custodian's strict due-diligence will allow us to offer all Revolut X clients a market-leading solution. We will constantly monitor risk and potential."
Bashlykov said, heartening everyone that users' digital assets will never be loaned out and will be kept 1:1.
Revolut X for All, Beginners and Experts
Any UK user with a retail account in Revolut will be able to access Revolut X, on their own computer, using the credentials they already have. Individuals will be able to operate directly on the platform, managing the money in their Revolut accounts as they see fit, without fees or limitations. According to Bashlykov, the creation of Revolut X is not a last-minute innovation, but the result of a long-standing reflection.
The initiative effectively closes a gap. The UK was chosen because of certain UK regulations that prevented Revolut from operating with the freedom it desired on cryptocurrencies. Indeed, some legal obstacles limit the operation of a fully virtual bank, both in the US and in the UK. A service like X gives rise to a new way of exchanging, buying and holding cryptocurrencies and does so at a strategic moment. As Bashlykov puts it again:
"It's a good time, we are currently in a bull market and we enjoy greater regulatory clarity."
Revolut Expands and Targets the Crypto World
Revolut began operating in the UK in 2015. Since 2017, it has broadened its attentions to cryptocurrencies and expanded across the globe to become one of the world's leading fintech companies.
The launch of the Revolut X service represents the brand's most recent approach to cryptocurrencies and comes two months after the opening of Revolut Ramp, a rapid crypto buying service directly from the user's wallet. This application is the daughter of a partnership with Consensys, the developer of MetaMask.
Revolut's growth path passes through the integration of more and more DeFi services. We at Spaziocrypto are pleased that the number of players interested in cryptocurrencies is increasing, because this allows for greater market segmentation (and, therefore, better conditions for users) and gives us proof that the sector is in great shape. Anyone who wants to get closer to this world, or who simply wishes to hone their skills and knowledge, can consult our guide to cryptocurrencies.
