Revolut crypto exchange now available in 30 countries across Europe
Revolut, a fintech company based in London, announced on Wednesday that it is expanding its cryptocurrency trading platform, Revolut X, to serve experienced crypto traders in 30 new European countries, including Belgium, Denmark, and others.
Earlier this year, Revolut, which says it has over 45 million customers worldwide, introduced Revolut X as its standalone exchange in the United Kingdom. Before that, in 2017, Revolut began providing cryptocurrency trading services.
Beta testing the new @RevolutApp X exchange. Smooth to use 🤝 pic.twitter.com/aJgeAXLEH8
— CJ (@cjxosol) November 10, 2024
Leonid Bashlykov, Head of Product at Revolut's cryptocurrency exchange, said, “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.”
Revolut X available to Revolut customers based in the UK or EEA
According to the release, Revolut X's offerings of more than 200 cryptocurrencies, real-time trading analytics, and market monitoring tools integrated with TradingView's charts are only available to users who have an account based in the UK or the European Economic Area (EEA).
Revolut X stated that the bulk of its funds are kept in cold storage with risk monitoring tools to prevent security breaches, and that its customer service is available 24/7.
In the UK, the app is currently being used by tens of thousands of traders, a company press representative told CoinDesk. The app charges relatively low fees: 0.09% for the taker and zero for the maker of a trader. The crypto-friendly bank prioritizes compliance in its efforts to establish itself as a safe haven for the crypto community. Not only did it launch a cryptocurrency exchange, but it recently declared its intention to launch its own stablecoin.
Revolut involvement in the cryptocurrency industry
The global neobank's most recent action coincides with the growing expansion of crypto services by fintech companies and traditional financial institutions. Companies that have tapped into the industry include financial technology giant Stripe, trading app Robinhood, investment giant BlackRock, and payment giant PayPal.
Building on the launch of Revolut Ramp, Revolut X's entry into the European market demonstrates the company's continued involvement in the cryptocurrency space. This feature, which is made possible by partnerships with well-known platforms like MetaMask and Ledger, enables users to buy cryptocurrency straight into their wallets.
CEO Nikolay Storonsky stated to Bloomberg TV in 2022 that cryptocurrency accounted for between 30 and 35 percent of Revolut's nearly $40 million profit during the 2021 bull run.
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