The digital bank Revolut is developing a new cryptocurrency trading platform designed for seasoned crypto traders, according to an e-mail sent to customers this week. The new platform will offer more advanced trading features like deeper market analytics and lower trading fees than Revolut's existing crypto services.
In fact, Revolut aims to offer a fully independent crypto exchange in addition to standard digital asset services. The question is, however, whether it will be able to compete with the biggest names in the industry.
Revolut to Launch Standalone Crypto Exchange
The e-mail, which invited customers to beta test the new exchange, said it would have fees between 0-0.09% and functionality for limit orders and market orders. Limit orders allow traders to buy or sell an asset at a specific price, while market orders enable buying or selling at the best available price.
"We're launching a new crypto exchange, built with advanced traders in mind. You'll find deeper analytical tools and lower fees than the app," Revolut's e-mail stated.
A spokesperson for Revolut confirmed to CoinDesk the company is working on the new trading platform, but said further details won't be released until the product is officially launched. The exchange is currently in closed beta testing with invites only. Moreover, the company has not given a timeline for the new platform's launch.
"The standalone cryptocurrency exchange is one of the future developments, but more information will be released only when the product will be available in-app," the spokesperson told CoinDesk.
In December, Revolut disclosed its delayed financial figures for 2022, reporting that its 2022 revenue exceeded $1.1 billion, marking an increase of 45% from the previous year. The company anticipates its revenue will reach $2 billion in 2023, along with a net profit margin in the double digits.
#Revolut achieved revenue of £923M ($1,171B) in the year 2022 up by 45% from 2021. Retail customers up by %60 for the same period. Deposits, up by 71% to £12.6B, employees + 112% "capital and liquidity well over our regulatory requirements".#BDO, re 2021 accounts- "matter has…
— Max Karpis (@maxkarpis) December 22, 2023
Revolut's Recent Crypto Updates
Revolut made headlines this week when it announced plans to list a popular Solana meme token called BONK as part of a promotional "learn and earn" campaign. The company previously suspended crypto services for UK business customers in December over regulatory concerns, but the beta invite for the new exchange was sent to a UK customer.
At the end of last year, the company launched cryptocurrency services in New Zealand, offering customers access to over 100 trading pairs. However, it had totemporarily suspend its cryptocurrency services in the UK due to new regulations that it has yet to comply with.
With 30 million total customers, Revolut's move into more advanced crypto trading capabilities could have significant implications for mainstream adoption of digital assets. It marks an expansion beyond basic crypto buying and selling into more sophisticated trading tools typically found at traditional crypto exchanges.
Last week, Finance Magnates reported that Revolut has introduced a state-of-the-art scamdetection feature designed to protect customers from card fraud. This new feature adds extra protection to Revolut's current security measures, focusing on combating Authorized Push Payment frauds where criminals trick individuals into sending money to fake accounts.
This article was written by Damian Chmiel at www.financemagnates.com.
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