Revolut, a prominent fintech company and global neobank, has quietly unveiled a dedicated crypto trading platform specifically designed for retail customers in the United Kingdom. Dubbed Revolut X, this new offering aims to provide users with a streamlined and cost-effective way to trade digital assets.

Revolut X has been meticulously crafted to rival major cryptocurrency exchanges, offering seamless access and minimal fees for users. According to a press release shared with Cointelegraph, the platform boasts easy "on-ramping" and "off-ramping" capabilities, allowing users to seamlessly convert fiat currencies like the British pound to cryptocurrencies and vice versa.

One of the key selling points of Revolut X is its competitive fee structure. The platform charges fixed fees of 0% for makers and 0.09% for takers, regardless of the trading volume. This pricing model could potentially undercut many of its competitors, making it an attractive option for cost-conscious traders.

Leonid Bashlykov, the Head of Crypto Exchange Product at Revolut, expressed excitement about introducing this new crypto product, stating, "We understand that competitive fees as well as easy on and off ramping are at the heart of what experienced traders want from a crypto platform." He further emphasized the company's commitment to "changing the game for experienced crypto traders."

Initially, Revolut X will offer trading for over 100 cryptocurrencies, including popular choices like Bitcoin, Ether, and XRP. However, the company has plans to expand this selection in the coming months, providing users with a diverse range of digital asset options.

Addressing concerns about security and custody, Bashlykov reassured users that their digital assets are held 1:1 and never lent out. "The majority of these funds are also held in cold storage. Rigorous custodian due-diligence and constant risk monitoring mean that we can offer a market-leading solution to our customers," he added.

While Revolut X was designed with seasoned crypto traders in mind, the platform will be accessible to any UK user with a retail account. These users can trade directly between the platform and their Revolut accounts without incurring additional fees or facing limitations, using their existing credentials.

This move by Revolut comes after the company scaled back its crypto offerings in the UK and the United States due to regulatory hurdles. In December 2023, the company planned to halt crypto services in the UK ahead of new regulations from the Financial Conduct Authority (FCA), which aim to increase transparency and protect investors. Prior to that, in August 2023, Revolut suspended its crypto-related services in the US, although this affected only around 1% of its user base.

Bashlykov emphasized Revolut's "compliance first" approach, stating that the company strives to comply with legal and regulatory requirements in all jurisdictions where it offers services. "We have always been advocating for regulation in the crypto market to ensure consumer protection and a level playing field," he said.

The launch of Revolut X signifies a renewed focus on crypto for Revolut, following the March 2024 introduction of Revolut Ramp, a service that allows users to purchase crypto directly within their Web3 wallets through a partnership with ConsenSys, the developer of MetaMask.

As the cryptocurrency industry continues to evolve, Revolut's strategic move to offer a specialized crypto trading platform for UK retail users positions the company as a formidable player in the digital asset space, catering to the growing demand for accessible and cost-effective trading solutions.