After launching a dedicated crypto trading platform for UK users last year, Revolut has now expanded the offering with a new trading app, Revolut X.

The move has positioned the fintech giant as a direct competitor to major exchanges like Binance and Coinbase, signaling Revolut’s renewed focus on crypto after regulatory challenges forced the company to scale back its offerings in the UK and US.

Now, with fixed low fees of between 0–0.09% and fiat-to-crypto conversion, according to the company’s product listing, Revolut X is setting the stage for a new wave of competition in the cryptocurrency space.

A New Challenger Enters the Crypto Market

Revolut X, initially available to UK retail traders, offers over 100 cryptocurrencies, including Bitcoin. The platform enables users to easily convert British pounds into crypto and vice versa, making transactions more accessible.

“Revolut X, along with our recent partnership with MetaMask, further consolidates our product offering in the world of Web3. Together, we are empowering our customers to further grow their wealth, either in fiat or in crypto,” commented Leonid Bashlykov, Head of Crypto Exchange Product at Revolut, during the launch of the platform last year

Revolut’s renewed focus on crypto comes after a period of regulatory uncertainty. In 2023, the company halted crypto services in the UK ahead of new Financial Conduct Authority (FCA) regulations aimed at improving transparency and investor protection.

It also suspended crypto-related services in the US, affecting only a small percentage of users. Now, Revolut is emphasizing compliance as a core strategy for its crypto business. Despite past setbacks, Revolut appears eager to expand.

Regulatory Challenges and Future Expansion

The launch of Revolut X follows the company’s broader efforts to integrate cryptocurrency into its ecosystem. In March 2024, Revolut introduced Revolut Ramp, a service allowing users to buy crypto directly within Web3 wallets through a partnership with Consensys, the developer behind MetaMask.

As Revolut X rolls out and potentially expands beyond the UK, the fintech company is placing itself in direct competition with established crypto firms. Most recently, Revolut reportedly collaborated with Spanish authorities to enable users to pay taxes while broadening its payment solutions with Revolut Terminal.

Source: Finance Magnates