Revolut expanded its services to include cryptocurrency trading in 2017, amassing over 40 million customers globally since then according to theblock.co. Revolut X aims to compete with leading crypto exchanges by offering easy on/off-ramping and low fees. While designed for professional traders, the platform is accessible on desktop for all UK users with a Revolut retail account.
It's worth noting that UK Revolut retail account holders can access the platform using existing credentials. Additionally, trading between fiat and crypto with no limits or fees is facilitated between Revolut X and Revolut. Revolut's introduction of Revolut X follows the rollout of Revolut Ramp in March, allowing users to purchase crypto directly in their Web3 wallets through a partnership with MetaMask developer Consensys.
The launch of Revolut X signals a resurgence in Revolut's crypto services, following regulatory challenges that previously led to the suspension of crypto trading for UK business clients and the termination of US crypto services. Regulatory changes, particularly the UK's crypto advertising rules enforced by the Financial Conduct Authority (FCA) in October 2023, contributed to the adjustments made by Revolut. Similarly, the challenging regulatory landscape in the US prompted the company to suspend access to cryptocurrencies and delist certain tokens seen by the US Securities and Exchange Commission (SEC) as unregistered securities.
In April 2024, Revolut considered various strategies to capitalise on customer data by potentially sharing it with advertising partners. This initiative came in the context of the company's pursuit of additional revenue streams, particularly as it faced uncertainties surrounding its application for a UK banking licence.
According to Revolut's head of growth, the company envisioned leveraging its platform as a medium for targeted advertising, potentially evolving into a media-oriented business model. Company officials highlighted the wealth of user data available to Revolut, including insights into user behaviour within the app and their interests based on interactions.
In April 2023, Revolut announced the introduction of its Joint Account service in Australia, allowing individuals to share their finances in a single place. Through this move, the fintech aimed to provide its Joint Accounts capability to enable customers to create an additional account within the company’s app to be jointly owned by two individuals, such as partners, family members, housemates, or friends.
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