As an experienced crypto investor with roots deeply planted in the European financial landscape, I find Revolut’s strategic expansion of its platform, Revolut X, into 30 additional European markets a highly promising development. With over a decade in this industry, I’ve seen my fair share of exchanges come and go, but Revolut’s commitment to offering strong alternatives to established platforms truly resonates with me.
In simpler terms, Revolut, a prominent fintech company based in London, has broadened the reach of its cryptocurrency trading platform, Revolut X, into an extra 30 European regions. This strategic move by Revolut is aimed at attracting seasoned traders looking for robust alternatives to conventional crypto exchanges.
Previously introduced as an independent UK-based trading platform earlier in the year, Revolut X is now expanding its services throughout Europe. As for the aim behind this expansion, Leonid Bashlykov, Product Head at Revolut’s cryptocurrency exchange, clarified their objective.
As we grow Revolut X, our goal is to create a significant presence in the cryptocurrency trading market, providing a robust competitor to well-established platforms.
To take advantage of Revolut X, it’s necessary that users have a Revolut account based in the European Economic Area or the United Kingdom. This platform offers access to over 200 different cryptocurrencies, real-time analytics, and market tracking tools, which are seamlessly connected with TradingView charts. These features are particularly beneficial for experienced traders as they aid in making informed trading decisions.
Revolut X Competes with Top Crypto Exchanges
With more than 45 million customers worldwide, Revolut has been involved in cryptocurrency trading since 2017. The introduction of Revolut X in May signified a significant step forward, allowing the platform to rival crypto-specific exchanges head-on. Equipped with connections to TradingView charts and technical indicators, it offers users sophisticated market observation tools such as dashboards showcasing popularly traded tokens, top performers, and digital currencies with the highest market capitalization.
Starting today within the RevolutApp, the UK now offers “Revolut X,” a specialized platform for crypto trading tailored to experienced traders. With this service, more than 100 cryptocurrencies are available for trade with a zero-percent maker fee and a minimal taker fee of just 0.09%.
— Satoshi Club (@esatoshiclub) May 7, 2024
Leonid Bashlykov expressed that cryptocurrency aligns with Revolut’s philosophy of bankless banking without borders. This belief propels their venture into digital assets, mirroring the growing trend among financial institutions and tech-focused companies to offer crypto services. Companies such as PayPal, Robinhood, Stripe, and BlackRock are also expanding their involvement in this sector, indicating strong growth and rising interest.
Starting in September, Revolut introduced its own stablecoin, expanding the variety of cryptocurrencies they offer. While the 2023 financial reports didn’t specify adjustments to crypto-related profits, during the 2021 market surge, cryptocurrencies made up around 30% to 35% of almost $40 million in profit, as per CEO Nikolay Storonsky on Bloomberg TV in 2022.
Revolut Secures Strategic Crypto Partnerships
This year, Revolut has taken several strategic steps forward. They’ve formed alliances with companies such as MetaMask and significantly increased their cryptocurrency team by approximately 60%, now totaling more than 100 members. Revolut’s plan is to make Revolut X the preferred financial app for seasoned crypto traders. While the term “crypto pros” wasn’t explicitly defined, it appears that Revolut is focusing on experienced individuals who can handle trading more than 200 different cryptocurrencies across over 30 European markets and the United Kingdom.
A notable aspect of Revolut X is its feature that allows users to freely deposit and withdraw funds, without any restrictions or charges. This straightforward method is designed to entice more traders by eliminating typical obstacles often found in crypto trading platforms. The recently introduced desktop trading platform is accessible only to those with a UK or EEA-based Revolut account, thereby enabling Revolut’s current userbase to effortlessly adapt to the extended services.
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2024-11-13 17:14