Revolut’s recent crypto push comes at a time of severe market weakness for the likes of Bitcoin and Ether.
Revolut’s crypto business is one of its key differentiators in the highly competitive neobanking world. It’s also hugely cash-generative.
The company, which launched a fresh push into crypto in the past year, is now cutting its prices aiming to encourage users to trade higher amounts.
From the week of 3 October 2022, is lowing the amount it charges for buying and selling crypto from 2.50 per cent, to 1.99 per cent or 99p, whichever is higher.
The minimum fee doesn’t apply to crypto recurring buys, cashback and small change round ups.
As long as your trade is over £40, the new pricing structure means a lower cost. However, any figure below this means a higher cost than before.
The move, which comes at a time of severe crypto market stress, follows a number of other efforts by Revolut to boost its crypto business.
It also has made available crypto ‘educational’ courses that pay out crypto as a reward for completions. More than 1 million people have taken up the offer so far, according to the company.
It also has established a new European crypto hub in Cyprus, as AltFi exclusively revealed, in order to better serve its EU customers.