Crypto trading chart. Credit: Shutterstock, Pixels Hunter
Digital bank Revolut is expanding its dedicated cryptocurrency trading platform, Revolut X, to 30 countries across the European Union (EU).
Following a successful UK launch in May, Revolut X has attracted tens of thousands of professional traders, and Revolut is now aiming to capture a substantial share of the European market.
Leonid Bashlykov, Head of Crypto Exchange Products at Revolut said, “Crypto aligns with Revolut’s firm belief in a world of banking without borders.”
What is Revolut X?
Revolut X, available as a standalone desktop platform, is designed to appeal to professional traders. Users can trade over 200 tokens across the EU and the UK, with zero fees for limit orders and a low 0.09 per cent fee for market orders.
There are also advanced features including unlimited deposits and withdrawals, plus a seamless link to Revolut accounts within the European Economic Area (EEA).
In a press release, Revolut expressed its ambition to make Revolut X the “go-to trading platform for crypto beginners and pros alike”, by ensuring security through a focus on compliance.
Crypto: A growing trend
Revolut’s expansion into digital assets is part of a broader trend within the fintech industry. Finance giants including PayPal, Robinhood, Stripe and BlackRock have all similarly entered the crypto space. Crypto reportedly contributed 30-35 per cent of Revolut’s $40 million (€37.6 million) profit during the 2021 crypto bull run, according to CEO Nikolay Storonsky in a Bloomberg TV interview.
As Revolut broadens its cryptocurrency platform, the digital bank appears well-positioned to play a significant role in Europe’s growing preference for digital banking over traditional banking. Recent reports were questioning whether traditional banking has had its day in Spain. Italy’s largest bank, Intesa Sanpaolo, also recently made headlines after it announced it will cut thousands of jobs over the next few years as part of a plan to move towards a digital-first business model.
