Revolut, the global neobank and fintech boasting over 40 million customers worldwide, has launched ‘Revolut X’; a new stand-alone crypto exchange designed for professional crypto traders.

Following the launch of the new crypto platform, Revolut hopes to compete with leading exchanges by offering easy on and off-ramping, and low fees. Its new crypto offering hopes to become the go-to financial app for crypto beginners and pros alike – by providing a safe and accessible place to trade cryptocurrencies.

Revolut X enables crypto traders to buy and sell over 100 tokens through a desktop version of the new platform.

Leonid Bashlykov, head of crypto exchange product at Revolut, commented: “Revolut is offering the UK’s crypto community the opportunity to engage with more than 100 tokens through a stand-alone, best-in-class exchange platform. We are excited by the introduction of our new crypto product, and believe this top-tier trading platform will change the game for experienced crypto traders, providing them with a safe and accessible place to trade.

“We put the customer at the heart of everything we do, and understand that competitive fees as well as easy on and off ramping are at the heart of what experienced traders want from a crypto platform.

“Revolut X along with our recent partnership with MetaMask, further consolidates our product offering in the world of Web3. Together, we are empowering our customers to further grow their wealth, either in fiat or in crypto.”

Revolut X offers low flat fees of 0.09 per cent for the taker and nothing for the maker. Existing Revolut customers will also be able to take advantage of trading within the Revolut ecosystem – switching from fiat to crypto, and back again, between Revolut X and their Revolut retail accounts.

‘A significant turnaround from regulatory uncertainty impeding innovation in the space’

Revolut X traders who have a Revolut retail account will gain access to real-time trading and advanced analytics, which are also included and designed to keep crypto traders updated on the latest market movements to inform their trades. Technical indicators and full integration with TradingView charts enable various market monitoring tools, such as dashboards of top-traded tokens, gainers, and top market cap coins.

Alex Saleh, head of partnerships at blockchain protection firm Coincover, also discussed the significance of the launch: “Revolut’s launch of its new crypto exchange is a significant advancement in UK crypto, and demonstrates a significant turnaround from the regulatory uncertainty that was impeding innovation in the space.

“It’s really positive to see Revolut place a lot of emphasis on its ‘compliance-first’ strategy. With robust compliance and security measures, it sets an example for a mature approach to crypto trading that aligns with institutional norms and should help to build trust in the market. Now Revolut’s millions of users can take a shot at using an advanced trading platform that backs funds 1:1, something that still haunts traders following the FTX fallout.”

Revolute keeps the majority of funds in cold storage, and customer support is available 24/7 via encrypted chat. Revolut’s risk monitoring tools work to prevent account takeovers, while trusted custodians are selected after a carefully conducted due diligence process.

As the co-founder of Terraform Labs, Do Kwon, is facing possible extradition to South Korea or the United States from a jail cell in Montenegro, the company has appointed a new CEO. Kwon still remains the principal shareholder of Terra. 

According to The Wall Street Journal, U.S. citizen Chris Amani is Terra’s new CEO. Amani has worked for Terra since 2021, serving as a chief operating officer and chief financial officer. Before that, he was a CEO at the scheduling solution provider Humanity. According to Amani’s LinkedIn, he’s been working as Terra’s CEO since April 2023.

Related: Legal proceedings start for Terraform Labs co-founder in South Korea

Amani told journalists that the company is not planning to launch any stablecoins and will focus on other products:

“We have a vision for how we could salvage this, even though I think it’s going to be hard and it’s going to take a long time.” 

The executive also expressed his hope that Do Kwon could clear himself of all charges, while for now, Terra will continue to operate without him.

In May 2022, Terra’s collapse set off a chain reaction crashing the crypto market. The platform’s stablecoin, TerraUSD (UST), lost its peg to the U.S. dollar, leading to investigations into Kwon and co-founder Daniel Shin’s suspected involvement in illicit transactions during the collapse.

In March 2023, Do Kwon was arrested in Montenegro for allegedly using forged travel documents. He received a four-month prison sentence, but he also faces the possibility of extradition to either the U.S. or South Korea once his sentence is over. South Korean prosecutors issued an arrest warrant for Kwon in 2022, accusing him of violating the country’s capital markets laws.

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