Revolut plans crypto exchange launch for advanced traders
London-based digital bank Revolut has disclosed its cryptocurrency exchange with next-gen market analytics for advanced traders.
Customers reportedly received an email detailing the latest offering from the European fintech unicorn. The company already offers crypto-related services on its platform but in a limited capacity.
Revolut says the crypto exchange built for advanced traders will include limit and market orders. Market order functionality allows users to purchase tokens at real-time prices. Limit orders enable customers to buy assets at specific pre-determined prices, providing more options for decision-makers.
Limit orders will not incur fees, the firm said in its email. Other crypto purchases will attract fees up to 0.09%. For comparison, Binance, crypto’s largest exchange, charges 0.57% for some transactions, meaning Revolut may undercut one of its biggest competitors.
The platform was in beta testing at press time, and no definite timeline for launch was shared with customers. Revolut currently has over 30 million users, some of whom will likely qualify as advanced traders and gain access to the exchange.
Revolut updated users on its crypto exchange efforts roughly three months after pausing some services in the U.K.
As crypto.news reported, the company suspended crypto trading for business clients in December last year due to regulatory changes.
Policy shifts in the U.S. also prompted the European unicorn to delist certain tokens like Cardano (ADA), Polygon (MATIC), and Solana (SOL). Regulatory uncertainty regarding the security status labeled on these tokens and the SEC’s crypto crackdown led to the coins being delisted.
Revolut intends to list Solana-based memecoin Bonk (BONK) on its trading platform and may disburse $1.2 million in BONK coins as part of a “Learn and Earn” campaign.
BONK’s price jumped 13% when the news initially broke, and news of a partnership gripped the memecoin community.
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