Revolut to Launch New Invite-Only Crypto Exchange
Banking services provider Revolut is preparing to introduce a new “invite-only” cryptocurrency exchange, catering to advanced traders. The exchange promises deeper analytical tools and lower fees compared to the app’s offerings. In a statement to Cryptowire, Revolut revealed that the standalone cryptocurrency exchange is a response to customer demands and market needs. Currently accessible by invite only, the company plans to expand access to more customers in the future.
A Year of Regulatory Challenges
Prior to this latest venture, Revolut faced regulatory obstacles in its cryptocurrency services. In the UK, the company suspended crypto purchasing services following stricter digital asset regulations from the Financial Conduct Authority. Similar concerns led to the cessation of cryptocurrency services for U.S. customers in August 2023. These decisions were driven by the evolving regulatory landscape and uncertainties surrounding the crypto market in the U.S.
Despite these challenges, Revolut recently announced the addition of the Solana-based meme coin, Bonk, to its platform, resulting in a 15% increase in the coin’s value.
Reactions from the Crypto Community
Following the news of the upcoming exchange, members of the crypto community expressed varied opinions. While some anticipate how Revolut will cater to advanced traders, others voiced concerns about the platform’s fees and its appeal to serious traders. The specifics of the exchange’s customer access and expected release date are currently unclear.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
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