British FinTech Revolut has unveiled a stand-alone cryptocurrency exchange for professional crypto traders.
Revolut X, announced Tuesday (May 7), is designed to compete with other top exchanges by offering easy on and off ramping, and low fees, according to a Tuesday blog post from the company.
“We put the customer at the heart of everything we do, and 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,” said Leonid Bashlykov, head of crypto exchange product at Revolut, according to a Tuesday report from The Block.
“Revolut X along with our recent partnership with MetaMask, further consolidates our product offering in the world of Web3,” Bashlykov added, per a Payment Expert report.
In the wake of Tuesday’s launch, crypto traders can buy and sell more than 100 tokens through a desktop version of the new stand-alone exchange platform, Revolut said in its blog post. The company said the platform offers flat fees of 0.09% for the taker and no fees for the maker.
The company added that traders must have a Revolut retail account to use the new exchange, and issued a warning alongside the announcement: “Don’t invest unless you’re prepared to lose all the money you invest. This is a high‑risk investment and you should not expect to be protected if something goes wrong.”
The launch comes as Revolut’s home country is preparing legislation governing stablecoins and crypto staking, exchange and custody, which could arrive this summer.
“We are now working at pace to deliver the legislation to put our final proposals for our regime in place,” Economic Secretary Bim Afolami said last month at the Innovate Finance Global Summit. “Once it goes live, a whole host of crypto asset activities, including operating an exchange, taking custody of customers’ assets and other things, will come within the regulatory perimeter for the first time.”
The British government announced last fall plans to bring fiat-backed stablecoins under the oversight of the Bank of England, Financial Conduct Authority and Payment Systems Regulator.
This “altogether will aim to minimize potential for customer harm and mitigate the conduct, prudential and financial stability risks arising from those stablecoins, particularly when used for payments,” the government said in its announcement.
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