- Revolut has launched a dedicated crypto-trading app.
- The neobank markets the story as a challenger to “major exchanges.”
- The neobank hints that the new app will be expanded to the US.
Revolut’s Revolut X exchange app will expand to include retail traders and be available on mobile phones as the neobank amps up efforts to compete with native crypto firms.
The UK challenger bank described the launch to European and UK consumers as “the next step to challenging other major exchanges,” Revolut said in a statement.
In an interview, a spokesperson hinted to DL News that a US expansion is coming.
“We have no specific timeline to share right now — but this is our ambition,” the spokesperson told DL News.
The app is another testament to how the growing crypto boom has encouraged fintech firms to muscle into the market.
Companies such as Revolut, Robinhood, eToro, Stripe, and PayPal have launched products and services over the years to compete with the likes of Coinbase and Binance.
What is Revolut X?
Revolut launched the Revolut X app in November, but it was a desktop-based platform dedicated to professional crypto traders in the UK and Europe.
The new app will also only be available across the same region, at least for starters.
In a marked change, the new app will “cater to the needs of all kinds of traders, from beginners to professionals,” the spokesperson said.
Revolut has long touted itself as a one-stop shop for financial services, but it said that to launch a separate app “puts Revolut X closer in-line with its key competition.”
“By creating a separate app, this means that our more advanced features, those that may be excessive for less experienced traders, aren’t overloading users,” the spokesperson said.
They added that Revolut has plans to integrate the neobank’s regular app and that of Revolut X.
Mounting pressure
The pressure is mounting for Revolut.
Donald Trump’s promises to relax crypto laws have triggered a race among both industry native organisations and those from more traditional financial firms to launch digital asset-trading services.
US-headquartered Robinhood is a key competitor to Revolut. The trading app recently tightened its grip on the European market with similar services like Revolut, and — like Revolut and PayPal — was among the fintech firms that recruited for their crypto teams in 2024.
And it won’t be the only one as crypto provides a potent means for attracting younger investors as they accumulate wealth, Nicklas Nilsson, an analyst GlobalData, told DL News in December.
“We will see increasingly sophisticated crypto products from fintechs,” Nilsson said.
Eric Johansson is DL News’ News Editor. Got a tip? Email at eric@dlnews.com.
