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During this bear market, many large companies got into trouble or went bankrupt, such as Three Arrows Capital or Celsius. Meanwhile, the British firm Revolut is on the rise and continues to expand its crypto business. Explanations.
The British company Revolut, founded in 2015, has become popular thanks to its low-cost foreign exchange services. While this business was impacted by the Covid-19 pandemic and the downturn in tourism, their crypto services have evolved.
Its British clients who invest in cryptocurrency have done so increased by almost 300% between July 2020 and July 2021 and the number of transactions increased by 800% over the same period. Valued 33 billion dollars In the summer of 2021, the new online payments giant became the UK’s leading fintech company.
However, at the moment, it does not count on the support of the UK tax authorities. In fact, Revolut received a temporary license only for the duration of its application for permanent registration with the Financial Regulator. Separately, the UK has taken regulatory action against cryptocurrencies. However, few concrete measures have been taken so far.
Despite this uncertain regulatory environment, Revolut is determined to promote cryptocurrencies on its platform. Emil Urmanshin, director of the company’s cryptography department, said:
We view cryptocurrencies as a long-term game and remain optimistic about the cryptocurrency industry. Despite some turmoil, interest in cryptocurrencies has increased and we have even more customers trading cryptocurrencies than in July 2021.
Today, according to him, cryptocurrency accounts for 5 to 10 percent of the company’s revenue. However, from July 2021, the number of customers investing in it would increase.
The company plans to increase its cryptocurrency teams by 20%
Revolut has announced it20% more staff dedicated to its cryptocurrency business. To this end, new positions will be created in the UK, US and Europe over the next six months.
Among others, profiles of software engineers, legal professionals or financial compliance experts are required. By 2022, the company has already hired nearly fifty new employees.
All teams combined, Revolut is currently looking for 230 new talent. The British unicorn is fundamentally different from companies like Coinbase or Opensea, which have been forced to go the other way. In fact, both companies laid off 18 and 25 percent of their workforce, respectively, this year.
With this new wave of hires, Revolut intends to further expand its range of services in the cryptocurrency industry.
22 new cryptocurrencies listed on the platform
As part of the promotion of cryptocurrencies on its platform, Revolut announced on Wednesday integration of 22 new cryptographic assets when you change it. These include ApeCoin (APE), Avalanche (AVAX), Sandbox (SAND) and DASH.
Despite the current situation in the cryptocurrency markets, the company has expressed their support and trust. Currently, 80 cryptocurrencies are available for exchange on Revolut.
However, these integrations are part of an even larger project for developing cryptographic services on the platform. According to Revolut, the cryptocurrency exchange is gaining popularity among users.
Emil Urmanshin said of these innovations:
We have greatly expanded our offering by giving people more control over their finances and giving them secure access to new tools and services being developed in the crypto space.
After PayPal, the British company wants to capitalize on the growing interest in cryptocurrencies. Convinced of its potential and its soon-to-be-lost character, Revolut is determined not to lose this revolution.