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Banking services provider Revolut is preparing to launch a new “invite-only” cryptocurrency exchange, as reported on February 16.
An email sent to customers in the U.K. and verified by CoinDesk indicated that Revolut is introducing a new crypto exchange aimed at experienced traders.
Revolut’s ‘Standalone’ Cryptocurrency Exchange
“You’ll discover more advanced analytical tools and reduced fees compared to the app,” the company’s email stated, with CoinDesk noting fees ranging from 0.9% to 0.09%.
“We continuously create new products and features based on customer demand or market requests,” Revolut informed Cryptonews. “The standalone cryptocurrency exchange is one of our upcoming innovations, but further details will be shared only when the product is available in-app.”
“At present, this product is available by invitation only, and we will be gradually inviting more customers to participate,” the company clarified.
A Year of Regulatory Troubles
Before Revolut’s latest initiative, the firm halted crypto purchasing services in the UK due to increased digital asset regulations from the Financial Conduct Authority (FCA).
“These regulations are designed to improve the customer experience and offer additional safeguards for both new and existing crypto asset investors,” Revolut mentioned in a December email. “Consequently, we will need to modify our current Business crypto offering to ensure compliance with all new requirements.”
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In a similar vein, in August 2023, the digital bank completely ceased its cryptocurrency services for U.S. customers, citing regulatory issues.
“Due to the changing regulatory landscape and the uncertainties surrounding the crypto market in the U.S., we’ve made the difficult decision, in conjunction with our U.S. banking partner, to suspend cryptocurrency access through Revolut in the U.S.,” Revolut stated at that time.
However, earlier this week, the company revealed that the Solana-based meme coin, Bonk, will start trading on its platform, resulting in a 15% increase in the coin’s value.
JUST IN: Revolut enhances its offerings, announcing a new exchange platform for ‘Advanced Traders’ featuring in-depth analytics and competitive fees. A strategic initiative for crypto enthusiasts seeking a comprehensive trading environment. #RevolutCrypto #Fintech #CryptoNews pic.twitter.com/xs8VescNwC
— Ryù (@Ryu_Tenchi) February 16, 2024
Crypto Community Reacts To News Of Latest Exchange
In the meantime, members of the crypto community took to X to share their thoughts on the announcement, expressing a range of opinions.
“The introduction of a cryptocurrency exchange aimed at ‘advanced traders’ is a daring move,” one user commented on X. “It will be intriguing to see how they address this particular market segment.”
“@RevolutApp has fees that only appeal to older generations…serious traders will never choose them,” another user remarked.
It remains uncertain which customers will gain access to the exchange or when a confirmed release date will be provided.
The post Revolut To Roll Out “Invite-Only” Crypto Exchange appeared first on Cryptonews.
