Revolut, the London-based fintech giant, is significantly expanding its footprint in the cryptocurrency space with the launch of its standalone crypto exchange, Revolut X, in 30 new countries across the European Economic Area (EEA). This strategic move, announced on November 13, is part of the company’s broader efforts to position Revolut X as a competitive player in the crowded cryptocurrency exchange market.
Since its initial launch in May 2023, Revolut X has been met with positive feedback from crypto traders, particularly those with more experience. According to Leonid Bashlykov, Revolut’s director of product for crypto exchange, the expansion is a significant milestone in the company’s journey to create a seamless, user-friendly platform that competes on a global scale.
The exchange has quickly gained traction, thanks to its near-zero fees, an extensive range of available assets, and its smooth integration with Revolut’s existing suite of financial services. This integration makes it easy for Revolut’s 30 million users worldwide to access crypto trading directly through their accounts, streamlining the user experience.
“We’ve had very positive feedback from experienced traders, who appreciate the low fees and seamless access to their crypto portfolios,” said Bashlykov. “This expansion will allow us to scale the platform and offer more traders the opportunity to benefit from our competitive advantages in the crypto market.”
The launch of Revolut X in 30 additional countries within the EEA further solidifies Revolut's ambitions to become a global crypto exchange player. By expanding to this region, the company is tapping into a growing market of crypto enthusiasts and traders in countries where cryptocurrency adoption continues to rise.
Revolut X aims to attract both retail and institutional traders with its competitive offerings. One of the standout features of the exchange is its low-cost structure, which includes nearly zero fees on transactions—a key selling point for experienced traders seeking efficient, cost-effective trading solutions.
Furthermore, the wide range of assets available on Revolut X allows users to trade a variety of digital currencies, enhancing the platform’s appeal. The exchange also plans to continue improving the user experience with new features and better tools for traders in the coming months.
As Revolut X expands its reach, security and fraud prevention remain top priorities for the platform. The company has invested heavily in anti-money laundering (AML) and fraud prevention measures to ensure compliance with international regulations and safeguard users’ funds.
In a recent disclosure, Revolut revealed that between June and September, it had successfully prevented $13.5 million in potentially fraudulent crypto transfers. However, the company emphasized that 92% of crypto transactions were processed without the need for manual intervention, demonstrating the efficiency of its fraud detection systems.
For the remaining 8% of transactions, additional checks were conducted to ensure full compliance with regulatory standards, ensuring that Revolut X remains a secure platform for its users.
The vision for a dedicated crypto exchange has been in the works at Revolut since 2021, when the company began hiring for a crypto exchange leader to help architect the platform. This strategic move into the exchange space came as Revolut recognized the growing demand for crypto services and the need to offer a specialized, independent platform for traders.
Revolut had already been providing crypto access to its users, allowing them to buy and sell over 50 digital tokens within the Revolut app. With the launch of Revolut X, the company is doubling down on its commitment to becoming a major player in the crypto market, offering an advanced platform built specifically for trading digital assets.
As of April 2023, Revolut was valued at $25.7 billion, with over 30 million consumers using its platform to access a range of financial products, including crypto. With the launch of Revolut X and its expansion into the EEA, the company aims to continue growing its crypto services and expanding its user base globally.
Revolut’s expansion of its standalone exchange is a direct response to the growing demand for crypto trading solutions that offer a seamless, cost-effective, and secure user experience. As more users embrace cryptocurrency, Revolut X is poised to become a key player in the competitive landscape of digital asset exchanges.
Revolut’s launch of Revolut X in 30 new EEA countries is a major step forward for the fintech company as it seeks to solidify its position in the cryptocurrency exchange market. With competitive fees, a wide range of assets, and strong security measures, Revolut X is set to become a popular choice for traders looking for a reliable and efficient platform. As the crypto market continues to evolve, Revolut’s move reflects its ongoing commitment to providing innovative solutions that meet the needs of the growing digital asset community.
November 2024, Cryptoniteuae