Revolut X Targets $200B European Crypto Market With Multi-Country Launch

Digital
banking powerhouse Revolut has announced a significant expansion of its
cryptocurrency exchange platform, Revolut X, to 30 new markets across the
European Economic Area (EEA).

Revolut Expands Crypto
Exchange Across Europe

The
expansion follows the successful launch of Revolut X in the United Kingdom
earlier this year, where tens of thousands of traders have already embraced the
platform. The standalone crypto exchange offers users access to over 200
digital tokens with competitive pricing, including zero fees for limit orders
and a mere 0.09% fee for market orders.

“The
feedback from experienced traders has been very positive, with many already
taking advantage of our near-zero fees, wide range of available assets, and
seamless integration with their Revolut accounts,” said Leonid Bashlykov,
Revolut’s head of product for crypto exchange.

JUST IN: Revolut officially launches Revolut X, their standalone crypto exchange 😳I have a feeling this will be a wild bull market… pic.twitter.com/IFxjyBcAFD

— Linas Beliūnas (@linasbeliunas) November 13, 2024

This
expansion positions Revolut as a formidable competitor in the European
cryptocurrency trading landscape. The company’s approach combines traditional
banking services with innovative crypto offerings, setting it apart from both
conventional financial institutions and pure-play crypto exchanges.

“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,” added Bashlykov.

Revolut has
maintained a compliance-first approach, having secured necessary regulatory
approvals across its operating markets. The company recently received its UK
banking license in July 2024 and informed it wants to issue its own stablecoin.

The UK Banking License
after 3 Years of Efforts

The
Prudential Regulation Authority (PRA) granted Revolut a UK banking license with
certain restrictions, which is a standard approach for new entrants in the UK banking
sector. This provisional status enables Revolut to expand its banking operations before a full-scale launch incrementally.

The license
approval follows Revolut’s efforts to address regulatory concerns, particularly
around its financial reporting practices. Recently, the firm received an
unqualified audit opinion from the UK accountancy advisory firm BDO, resolving
earlier issues related to revenue recognition and IT systems.

With this
UK license, Revolut is now positioned to expand its product offerings in its
largest market, where it serves around 9 million customers, alongside a global
customer base of over 45 million. This step aligns with its European banking
license, which it secured through Lithuanian authorities in 2021.

Two months
ago, the company revealed plans to launch its own stablecoin, aiming to expand
its offerings in crypto-assets. By entering the stablecoin market, Revolut
seeks to join established players like PayPal, Ripple, and BitGo. Sources
suggest the firm is positioning itself as a significant player in the crypto
space, focusing on compliance and security for crypto users. Revolut’s
stablecoin plans emerge amid a wave of new entrants into the market.

Last month,
Revolut also announced its application for a banking license in Colombia,
reinforcing its commitment to growth in Latin America. This move builds on the
company’s entry into Brazil last year and its acquisition of a Mexican banking
license in April.

This article was written by Damian Chmiel at www.financemagnates.com.