Revolut, the UK’s digital banking pioneer, is extending its crypto exchange platform, Revolut X, to 30 European markets, marking another step in the company’s continued push into digital assets. Revolut X, launched in the UK earlier this year, targets seasoned crypto traders, providing them with a dedicated, desktop-based platform to trade over 200 digital tokens.
The expansion aligns with Revolut’s vision of “borderless banking,” according to Leonid Bashlykov, head of crypto exchange products at Revolut. The platform caters specifically to professional crypto traders, offering advanced features and an enhanced trading experience tailored to those who are more active and experienced in the sector.
The move reflects a broader trend in which fintechs and traditional financial firms alike are delving into digital assets. Major players such as PayPal, Robinhood, Stripe, and BlackRock have also made strides in the crypto space, highlighting the sector’s appeal beyond crypto-native companies. As fintechs continue to expand crypto offerings, Stripe’s recent acquisition of Bridge, for instance, underscores the intensifying interest and competition from large financial firms.
Revolut’s focus on crypto has evolved significantly since it first launched a crypto trading service in Europe in 2017. During the 2021 crypto market surge, digital assets contributed between 30% and 35% of Revolut’s $40 million profit, as CEO Nikolay Storonsky shared in a 2022 interview with Bloomberg. While recent financial reports don’t disclose an updated figure, Revolut has continued to strengthen its crypto division, including a 60% expansion of its crypto team and partnerships with industry players like MetaMask.
Since its UK launch, Revolut X has reportedly attracted “tens of thousands” of active traders, with the firm now aiming to capture a significant portion of the European crypto market. Revolut X’s platform allows users to trade without limits on deposits or withdrawals, with no fees applied. However, access is exclusive to users with a UK or European Economic Area-based Revolut account.
As Revolut grows its footprint in the crypto space, it is reportedly exploring the launch of its own stablecoin, aiming to offer an even broader range of digital asset services. The European expansion of Revolut X is the latest in the neobank’s strategic push to position itself as a leading crypto platform, setting the stage for further growth in the competitive digital asset market.
