Revolut to launch new crypto exchange amidst reports of listing Solana's BONK memecoin
UK-based digital bank Revolut is preparing to introduce more extensive crypto exchange services, according to a report from Coindesk on Feb. 16.
That report cites an email to a UK customer describing a “new crypto exchange, built with advanced traders in mind.” The email also promises that the exchange will feature “deeper analytical tools and lower fees” than Revolut’s main app.
Reportedly, the fees are set between 0% and 0.09%, and limit orders will not include a cost. It is unclear whether those rates apply to upcoming or current services, as those numbers appear to describe Revolut’s contemporary maker and taker fees.
Another page suggests that Revolut charges a single fixed fee for crypto conversions between 0.99% and 1.99%, depending on the plan.
The latest development marks growth in Revolut’s crypto services following earlier reductions. Revolut reduced UK business access to crypto services in December 2023 and suspended US access to crypto services in August 2023 due to regulatory developments in both jurisdictions.
Revolut may list Solana’s BONK memecoin
There is also speculation that Revolut will list Solana-based memecoin BONK as part of a partnership, which will involve running a $1.2 million “learn and earn” campaign.
The news is supported by a recent proposal by the BONK community that describes a partnership with “one of the biggest European fintech” firms without naming Revolut specifically. However, the proposal also describes the partner firm serving 38 million customers in over 50 countries, which applies to Revolut.
It is unclear whether the expected BONK partnership will extend to Revolut’s current crypto services or is restricted to its upcoming advanced exchange.
BONK saw a significant surge in value in December 2023, setting a new all-time high. However, the memecoin has lost most of the gains since and is now down 62% from its ATH on Dec. 15.
BONK has been criticized for its highly centralized supply and the lack of a whitepaper. Nevertheless, it has gained listings on popular exchanges such as Binance and Coinbase.
