Revolut Expands Standalone Crypto Exchange to 30 New Markets Across Europe

Revolut X, the standalone cryptocurrency exchange launched by London-based fintech company Revolut, is now available in 30 additional countries across the European Economic Area (EEA). This expansion aims to strengthen Revolut's position in the growing crypto market and offer a competitive platform for crypto traders.

In a press release dated November 13, Revolut announced that the expansion would significantly broaden the reach of Revolut X, which was first introduced earlier this year in May. Leonid Bashlykov, Revolut’s head of product for its crypto exchange, called the move an “important milestone” in the company’s efforts to enhance its crypto offerings.

The new markets will see the exchange roll out across multiple European countries, making it easier for Revolut customers to access a range of cryptocurrencies on a platform designed to meet the demands of crypto traders. Revolut X is expected to become a key player in the European crypto space as it continues to expand its services.

A Focus on Fraud Prevention and Compliance

Revolut also shared some of its recent achievements in fraud prevention. In a report from early October, the company revealed that it had successfully blocked $13.5 million in potentially fraudulent crypto transfers between June and September of 2023. Notably, nearly 92% of all crypto transactions processed by the platform during this period were completed without the need for user intervention. For the remaining 8%, Revolut conducted additional checks to ensure compliance with anti-money laundering regulations, fraud prevention measures, and other safeguards.

Revolut’s Growing Crypto Footprint

Revolut has been planning to launch its own crypto exchange since 2021, when the company began searching for an executive to lead the creation of Revolut Crypto Exchange. As of April 2023, Revolut was valued at $25.7 billion and has since provided cryptocurrency services to its 30 million global customers. The platform offers access to over 50 different cryptocurrencies, helping to cater to a wide range of crypto enthusiasts.

With the launch of Revolut X in more European markets, the company is positioning itself as a serious player in crypto space, combining its existing fintech services with a robust platform for digital asset trading.