Revolut Drops All Fees for 65M Users in Surprise Crypto Move

TLDR

• Revolut has eliminated all fees and spreads for converting USD to USDT and USDC stablecoins for its 65 million users.
• Users can exchange up to €500,000 every 30 days at exact 1:1 rates without any costs.
• The service supports transfers across six blockchain networks, including Ethereum, Solana, and Tron.
• Revolut’s wealth division generated £506 million in revenue in 2024, representing 298% year-over-year growth.
• The company launched Revolut X in May 2024, offering trading in more than 100 tokens with 0% maker fees.

Revolut has removed all fees and spreads for converting USD to USDT and USDC stablecoins. The fintech now serves 65 million users worldwide with 1:1 exchange rates. Users can convert up to €500,000 every 30 days without any costs.

The company replicates its transparent foreign exchange approach in cryptocurrency trading. Leonid Bashlykov leads product development for crypto services at the platform. He confirmed users receive exactly $1.00 in stablecoins for every $1.00 in cash.

Zero-Fee Trading Across Multiple Networks

The service supports transfers across six blockchain networks, including Ethereum, Solana, and Tron. Traditional exchanges typically charge markup fees for similar conversions. The platform eliminates these friction points for transactions between fiat and cryptocurrency.

Users benefit from fee-less on-ramp and off-ramp capabilities across supported networks. The system processes transactions at exact 1:1 rates between USD and stablecoins. This approach mirrors the company’s decade-old currency conversion model.

The wealth division generated £506 million in revenue during 2024. Year-over-year revenue growth for cryptocurrency and trading products reached 298%. Increased crypto trading activity drove the majority of revenue expansion.

The company launched Revolut X in May 2024 for professional traders. The desktop platform offers trading in more than 100 tokens with competitive fees. Makers pay 0% while takers pay 0.09% regardless of trading volume.

The platform expanded to 30 European countries in November 2024. It provides real-time trading tools and advanced analytics for users. TradingView chart integration enhances the trading experience across the European Economic Area.

Annual profit exceeded $1 billion for the first time in 2024. Net earnings reached £1.1 billion with a 149% increase from the previous year. Total revenue increased 72% to £3.1 billion across all services.

Subscription services revenue rose 74% to £423 million in 2024. The loan book expanded 86% to £979 million during the same period. The company received approval for a restricted UK banking license in July 2024.

Revolut Secures European Regulatory Approvals for Crypto

The fintech launched Revolut Ramp in March 2024 through a partnership with Consensys. Users can purchase crypto directly in MetaMask and other Web3 wallets. The integration simplifies cryptocurrency purchases for wallet users.

A partnership with Ledger began in August 2024 for EEA countries. Customers buy cryptocurrencies using their accounts or cards through Ledger Live. The collaboration expands crypto access for hardware wallet users.

Most customer funds remain in cold storage with encrypted chat support. Advanced risk monitoring tools prevent unauthorized access to accounts. The Crypto Learn tool provides educational resources for retail users.

Revolut Digital Assets Europe Ltd secured registrations from Spain’s Bank of Spain. De Nederlandsche Bank also granted regulatory approval in 2024. The company pursues full MiCA authorization across the European Union.

The business plans over €1 billion in French investment through 2028. A Western European headquarters will open in Paris. The company explores acquiring a US nationally chartered bank.

Crypto services remain suspended in the United States since October 2023. Regulatory uncertainty prevents American users from accessing cryptocurrency features. The platform serves 60 million customers globally, with 12 million in the UK.

Founder Nik Storonsky secured new investment through a secondary share sale. The transaction valued the company at $45 billion in 2024. Reports suggest talks are underway for a $1 billion fundraising round at a $65 billion valuation.

The fintech company considers a dual listing on the London and New York stock exchanges. This would position it among the top 15 firms on the London Stock Exchange. It could become the first company to simultaneously join the FTSE 100 and list in New York.

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