Revolut to Introduce a Standalone Cryptocurrency Exchange
Revolut is extending invitations to specific customers for participation in a forthcoming cryptocurrency exchange. The fintech company has confirmed the development of a “standalone cryptocurrency exchange” aimed at catering to “advanced traders,” as reported by CoinDesk.
Presently, Revolut provides basic cryptocurrency services to a substantial portion of its 30 million customers. The upcoming exchange is anticipated to feature reduced fees and enhanced market analytics.
The standalone cryptocurrency exchange is part of the company’s ongoing efforts to introduce new products and functionalities based on customer demand and market trends. Details about the exchange will only be disclosed when the product becomes available within the app. Access to the product is currently by invitation only, with plans to progressively expand availability to more customers.
Fees for the exchange have been set between 0% and 0.09%, and users will have the functionality to trade using limit and market orders. Notably, limit orders, commonly utilized when a trader wants to buy or sell an asset at a specific price, will incur no fees.
Revolut had previously announced a temporary pause in UK business crypto purchases in December, in response to new regulations from the UK’s Financial Conduct Authority. The pause, effective from early January, aimed to align the business crypto offering with the updated regulatory requirements.
Additionally, Revolut had suspended crypto services for US customers in October, as declared in August. Citing the evolving regulatory environment and the uncertainties in the US crypto market, Revolut stated that the decision to suspend crypto services in the country was made in collaboration with their US banking partner.
