Digital fintech app Revolut has recently begun the phased onboarding of experienced traders onto its newly launched cryptocurrency exchange, Revolut X, in the United Kingdom. This initiative marks a significant step in the company’s broader strategy to deepen its involvement in the cryptocurrency sector.
Targeting Professional Traders
Unlike the traditional broader market launches, Revolut is adopting a more selective approach by initially granting access solely to professional traders. This strategy underscores a cautious stance in an otherwise volatile market environment. The exclusive onboarding process ensures that only seasoned traders can navigate the complexities of the new platform.
Features and Financial Incentives of Revolut X
Revolut X is designed to facilitate seamless transitions from fiat currencies to cryptocurrencies, fostering a fluid trading environment between the Revolut and Revolut X platforms. To attract traders, the exchange boasts robust security measures, including purpose-built defenses for asset storage. Furthermore, the fee structure is competitively designed, eliminating fees for trade makers and maintaining a minimal 0.09% fee for trade takers.
Silent Launch Strategy
Interestingly, Revolut has opted not to make a public announcement about the launch of Revolut X yet. However, inquiries have been made for further comments, and any forthcoming responses will be promptly incorporated into this coverage.
Background and Future Plans
Revolut’s ambitions to establish a dedicated crypto exchange were first reported in 2021, highlighting the fintech giant’s proactive approach to expanding its cryptocurrency services. With a staggering valuation of $25.7 billion as of April and a customer base exceeding 30 million globally, Revolut has been a key player in the crypto space, offering access to over 50 different tokens.
The introduction of Revolut X is poised to enhance the trading experiences of professional cryptocurrency traders in the UK. With its strategic entry into the market and a focus on experienced traders, Revolut is set to make a significant impact on the digital currency landscape.
