- Revolut is upping its crypto offering.
- The neobank is expanding its exchange to Europe.
- It’s the latest example of fintechs’ dive into digital assets.
UK digital bank Revolut is expanding its crypto exchange for experienced traders to 30 markets within Europe.
The standalone desktop trading platform, Revolut X, launched in the UK in May to compete with crypto-native exchanges.
“Crypto aligns with Revolut’s firm belief in a world of banking without borders,” Leonid Bashlykov, head of crypto exchange products at Revolut, said in a statement.
The neobank’s latest move comes as traditional financial institutions and fintech firms are increasingly expanding their crypto services.
Companies like payment giant PayPal, trading app Robinhood, fintech powerhouse Stripe, and investment behemoth BlackRock are among the organisations that have tapped into the sector.
Revolut’s crypto push
Revolut X’s European expansion is the latest chapter in the company’s push into digital assets. It began in 2017 when Revolut launched its crypto trading service across Europe.
Crypto contributed between 30% and 35% to Revolut’s almost $40 million profit during the 2021 bull run, CEO Nikolay Storonsky told Bloomberg TV in 2022.
The fintech firm’s latest financial statements for the year 2023 do not state how much that proportion has changed.
This year, the bank has inked partnerships deals with crypto-native firms like MetaMask, launched Revolut X in the UK, expanded its crypto team by 60% to over 100 workers, and is reportedly working on launching its own stablecoin.
Revolut X
Since launching Revolut X in the UK, the fintech firm has seen “tens of thousands of professional crypto traders” use the platform, a Revolut spokesperson told DL News.
The spokesperson said Revolut hopes “to capture a substantial share” of the European market with its new expansion.
Revolut X is aimed at professional crypto traders who will be able to trade over 200 tokens across the 30 European markets and the UK.
“By professional crypto traders, this refers to those investors who are more experienced that are likely to benefit from a dedicated exchange experience and actively take advantage of Revolut X’s advanced feature set,” a Revolut spokesperson told DL News.
Customers will be able to withdraw and deposit into the exchange with no limits or fees, the bank said.
The new desktop-based trading platform will only be available for customers who already have a UK or European Economic Area-based Revolut account.
Update November 13: The story has been updated to include the comments from the Revolut spokesperson.
Eric Johansson is DL News’ News Editor. Got a tip? Email at eric@dlnews.com.
