Digital banking powerhouse Revolut has announced a significant expansion of its cryptocurrency exchange platform, Revolut X, to 30 new markets across the European Economic Area (EEA).
Revolut Expands Crypto Exchange Across Europe
The expansion follows the successful launch of Revolut X in the United Kingdom earlier this year, where tens of thousands of traders have already embraced the platform. The standalone crypto exchange offers users access to over 200 digital tokens with competitive pricing, including zero fees for limit orders and a mere 0.09% fee for market orders.
"The feedback from experienced traders has been very positive, with many already taking advantage of our near-zero fees, wide range of available assets, and seamless integration with their Revolut accounts," said Leonid Bashlykov,Revolut's head of product for crypto exchange.
JUST IN: Revolut officially launches Revolut X, their standalone crypto exchange ????I have a feeling this will be a wild bull market… pic.twitter.com/IFxjyBcAFD
— Linas Beliūnas (@linasbeliunas) November 13, 2024
This expansion positions Revolut as a formidable competitor in the European cryptocurrency trading landscape. The company's approach combines traditional banking services with innovative crypto offerings, setting it apart from both conventional financial institutions and pure-play crypto exchanges.
“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,” added Bashlykov.
Revolut has maintained a compliance-first approach, having secured necessary regulatory approvals across its operating markets. The company recently received its UK banking license in July 2024 and informed it wants to issue its own stablecoin.
The UK Banking License after 3 Years of Efforts
The Prudential Regulation Authority (PRA) granted Revolut a UK banking license with certain restrictions, which is a standard approach for new entrants in the UK banking sector. This provisional status enables Revolut to expand its banking operations before a full-scale launch incrementally.
The license approval follows Revolut’s efforts to address regulatory concerns, particularly around its financial reporting practices. Recently, the firm received an unqualified audit opinion from the UK accountancy advisory firm BDO, resolving earlier issues related to revenue recognition and IT systems.
With this UK license, Revolut is now positioned to expand its product offerings in its largest market, where it serves around 9 million customers, alongside a global customer base of over 45 million. This step aligns with its European banking license, which it secured through Lithuanian authorities in 2021.
Two months ago, the company revealed plans to launch its own stablecoin, aiming to expand its offerings in crypto-assets. By entering the stablecoin market, Revolut seeks to join established players like PayPal, Ripple, and BitGo. Sources suggest the firm is positioning itself as a significant player in the crypto space, focusing on compliance and security for crypto users. Revolut’s stablecoin plans emerge amid a wave of new entrants into the market.
Last month, Revolut also announced its application for a banking license in Colombia, reinforcing its commitment to growth in Latin America. This move builds on the company's entry into Brazil last year and its acquisition of a Mexican banking license in April.
This article was written by Damian Chmiel at www.financemagnates.com.
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