Revolut, a fintech company based in London, is growing its crypto exchange, Revolut X, by launching it in 30 new countries within the European Economic Area (EEA).
This move aims to enhance its presence in the cryptocurrency market. In a press release on November 13, Revolut announced that the expansion positions Revolut X as a competitive option for crypto traders.
Earlier, it was reported that Cyprus, an EEA country, had licensed Revolut to operate in its territory.
An EEA Or UK Revolut Account Is Required For Intending Revolut X Users
Leonid Bashlykov, head of the Revolut crypto exchange product, described this growth as a significant step for the platform, which commenced operations in May in the UK.
Bashlykov noted that the feedback from experienced traders has been encouraging, with many taking advantage of the low fees, a variety of assets, and easy integration with their existing Revolut accounts.
To access the exchange, users must have a Revolut account based in the EEA or UK. The platform offers real-time trading, advanced analytics, and monitoring tools. It is designed for both seasoned and everyday crypto traders.
Revolut X has a fee structure that includes zero fees for maker orders and a 0.09% fee for taker orders, regardless of trading volume.
Customer support is available 24/7, and most funds are kept securely in cold storage, although the company has not disclosed the exact percentage.
The expansion announcement also emphasized that Revolut uses strong risk monitoring tools to protect accounts, with a careful selection process for custodians.
Strong Alternative To More Established Crypto Exchanges
By expanding Revolut X into Europe, Revolut shows its ongoing commitment to the crypto sector following the successful launch of Revolut Ramp, which allows users to purchase crypto directly in their wallets in partnership with major wallets like MetaMask and Ledger.
Bashlykov disclosed during the press release,
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.
The idea of launching a cryptocurrency exchange has been contemplated in Revolut since 2021, when the company began searching for a leader to help design and establish a crypto exchange.
The company had a value of $25.7 billion as of April and now serves 30 million customers worldwide across more than 50 different tokens.
In early October, Revolut announced that, from June to September, it blocked $13.5 million in potentially fraudulent crypto transfers. Within the same period, nearly 92% of crypto transactions were processed without users intervening.
The other 8% were subjected to additional checks in order to meet fraud prevention, anti-money laundering regulations, and other safety measures, according to the company.
