After BlackrockDeal, Revolut Invests Big In Crypto Amid Market Downturnbit2main
On a day when Coinbase announced its partnership with Blackrock, there is another massive news in the crypto ecosystem. Currently, several companies in the crypto industry are facing headwinds in the form of liquidations and reduced user activity. In these circumstances, Blackrock took the big step of officially entering the world of cryptocurrencies. The announcement was taken positively by the stock market, with COIN shares surging by around 40% at one point.
Revolut Crypto Expansion Continues
Fintech company Revolut continues to its cryptocurrency services operations after recently getting an approval to operate in Singapore. In a latest, the company on Thursday said it plans to further increase crypto services by increasing employee count. According to a Bloomberg report, the company is eyeing an increase in its crypto headcount by 20%. The hirings could boost Revolut’s teams across Europe, the UK and US over the next six months. This is especially a welcome move for the crypto community as the crypto ecosystem continues to witness a bearish environment. Several companies have in the recent times announced layoffs while many others halted new recruitment plans.
To add to its crypto related team strength of 43, Revolut is planning to hire for roles in advertising, compliance and financial crime prevention, and legal teams. The hiring is likely to help Revolut further expand its cryptocurrency offerings. Emil Urmanshin, Revolut’s crypto general manager, said his company sees crypto “as a long-term play and remain bullish on the crypto industry.” Crypto business currently accounts for about 5 to 10 percentage of Revolut’s revenue globally, he added.
“Although there has been turmoil, interest in crypto assets has increased and we still have more customers trading crypto than during July 2021.”
Crypto Offerings On The Rise
The company has been expanding its cryptocurrency offerings in the recent times. Its total number of virtual currencies are now more than 80. On Wednesday, Revolut added as many as 22 new tokens to its platform, the report mentioned. In the last 12 months, Revolut crypto related customer base expanded by over 290%.
On the regulatory front, Revolut’s cryptocurrency service is currently not regulated by the UK’s Financial Conduct Authority (FCA). The fintech company is awaiting approval for permanent registration after receiving temporary licenses.
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