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Revolut Expands Crypto Exchange to 30 European Countries with Launch of Revolut X

Revolut Expands Crypto Exchange to 30 European Countries with Launch of Revolut X

Revolut is stepping up its game in the world of cryptocurrency. They’re expanding their exchange into European markets, and it’s a big deal.

The UK-based digital bank is launching Revolut X in 30 countries across Europe. This platform is designed for experienced traders, aiming to compete with established crypto exchanges.

“Crypto aligns with our belief in banking without borders,” said Leonid Bashlykov, who leads crypto exchange products at Revolut. This move comes as more traditional banks and fintech companies dive into the crypto space.

Big names like PayPal, Robinhood, Stripe, and BlackRock are also getting involved, showing just how much interest there is in digital assets.

Revolut X’s launch is part of a larger strategy that began back in 2017 when the company first offered crypto trading in Europe. During the 2021 bull market, crypto made up about 30% to 35% of Revolut’s nearly $40 million profit, according to CEO Nikolay Storonsky. However, the latest financial reports for 2023 don’t reveal if that percentage has changed.

This year, Revolut has partnered with crypto firms like MetaMask, launched Revolut X in the UK, and increased its crypto team by 60%, now boasting over 100 employees. They’re even working on their own stablecoin.

Since launching Revolut X in the UK, the platform has attracted tens of thousands of professional crypto traders. A spokesperson mentioned that they hope to capture a significant share of the European market with this expansion.

Revolut X is tailored for professional traders, allowing them to trade over 200 tokens across the 30 European markets and the UK. When they say “professional crypto traders,” they mean experienced investors who can benefit from a dedicated exchange experience and advanced features.

Customers can deposit and withdraw from the exchange without limits or fees. However, the desktop platform is available only to those who already have a Revolut account in the UK or the European Economic Area.