I hope you are all well and having an excellent week, welcome to CryptoGod-1’s blog on all things crypto. In this post I will be looking at the recent announcement from Revolut regarding their planned invite only crypto exchange.
Revolut Exchange
A February 16th report has noted that banking services provider Revolut is set to debut a new “invite-only” crypto exchange with advanced traders in mind. An email by the company within the UK noted “You’ll find deeper analytical tools and lower fees than the app.” with the fees expected to be between 0.9% and 0.09%. Revolut also stated:
“We always develop new products and functionalities, desired by our customers or asked by the market. 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. Currently, this product is accessible by invite only, we will be rolling this out and inviting more customers to take part."
Revolut's latest venture comes after the company had suspended crypto purchasing services in the UK following an uncertain regulatory landscape for digital assets in the UK. This came with increasing pressure from the Financial Conduct Authority (FCA). An email in December 2023 from Revolut in the UK noted:
“These requirements aim to enhance the customer journey and provide additional protection for new and existing investors of crypto assets. As a result, we’ll need to adjust our current Business crypto offering to make sure all of the new requirements are met.”
A similar situation happened in August 2023 when the digital bank shuttered its cryptocurrency services altogether for U.S. customers due to regulatory concerns. Back then they stated:
“As a result of the evolving regulatory environment and the uncertainties around the crypto market in the U.S., we’ve taken the difficult decision, together with our U.S. banking partner, to suspend access to cryptocurrencies through Revolut in the U.S.”
Whether the app will be capable of drawing in new customers to their exchange remains to be seen.
Have a great day.
CryptoGod-1.
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