Revolut has announced the launch of a new standalone cryptocurrency exchange designed for professional crypto traders.

The British FinTech says the move is aimed at competing with leading exchanges in the market by offering "easy on and off ramping", as well as low fees, and marks an important next step in becoming the "go-to financial app" for crypto beginners and pros.

Revolut X traders, who must have a Revolut retail account to use the new exchange, will have access to real-time trading and advanced analytics, which the company says are designed to keep crypto pros updated on the latest market movements.

It said that technical indicators and a full integration with TradingView charts will enable various market monitoring tools, such as dashboards of top-traded tokens, gainers, and top market cap coins.

The launch follows the neobank's announcement of Revolut Ramp, which enables traders to purchase crypto directly in their wallets through a partnership with MetaMask.

“Today, 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,” said Leonid Bashlykov, head of crypto exchange product, Revolut. “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.”

While the UK company holds a full banking license in both Lithuania and the European Central Bank, it has failed to obtain a licence from the Bank of England.

Revolut first filed an application for the licence with the Financial Conduct Authority in January 2021.

It is unclear why the regulator hasn't granted the banking licence, although last year Revolut blamed this on turmoil in the global financial ecosystem, including the collapse of Silicon Valley Bank (SVB) and Credit Suisse.

Earlier this year, the London-based FinTech Revolut said it expects to increase its global workforce by 40 per cent by the end of this year.

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