A British fintech company with Russian roots, Revolut, is launching its own cryptocurrency exchange, Coindesk writes. The platform was called Revolut X and its creation was announced back in February 2024.
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The platform is aimed at professional traders and is available to all retail investors. As a company representative told The Block, you can also use the platform using your Revolut account. Fiat and cryptocurrency transactions between Revolut X and Revolut can be completed commission-free.
There are more than 100 tokens on the platform. Manufacturers who place orders will not pay commission. For policyholders who place orders for immediate execution, the commission will be 0.09%.
Last September, the fintech company stopped providing cryptocurrency-related services in the United States, citing regulatory changes as well as instability in the US cryptocurrency market.
In January 2024, the company limited the purchase of cryptocurrencies for its business customers in the United Kingdom. The reason was the Financial Conduct Authority (FCA) requirement for cryptocurrency advertising. Commercial clients still have the ability to store and sell assets. But retail customers were not affected by the restrictions at all.
- Revolut was founded in 2015 by Nikolai Storonsky and Vlad Yatsenko. The company offers banking, wealth and investment management services. The company was previously recognized as the UK’s most valuable fintech startup.
- In the fall of 2022, Storonsky renounced his Russian passport, becoming the fourth billionaire at the time to renounce Russian citizenship since the inception of the CVO in relation to Ukraine.
Author:
Natalia Gormaleva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
