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Revolut ramps up hiring as it offers crypto services to its 40 million customers – DL News
- Revolut is recruiting for its cryptocurrency team.
- It’s not the only one: PayPal and Stripe are among the companies beefing up their digital asset units.
- Their efforts come as cryptocurrency markets prepare for a huge rally.
Revolut, the British fintech firm, aims to supplement its talent pool with 12 new hires as it pushes to expand its cryptocurrency business.
The neobank, valued at $26 billion, serves 40 million customers.
Revolut, which was an early cryptocurrency adopter among fintechs, is looking to partner with more crypto wallets like MetaMask, a company spokesperson said DL News.
Revolut isn’t the only digital payments platform taking on crypto roles. PayPal, the global payment processor, advertise 22 cryptography-related roles. And Stripe and Robinhood, the discount trading platform, both have it four open positions each, while Checkout.com has one.
The companies did not respond to requests for comment.
Their hiring efforts are a testament to the industry’s renewed optimism amid regulatory approvals of both Bitcoin and Ethereum spot exchange-traded funds this year
Not only are the largest cryptocurrency exchanges hiring over 1,200 new roles, but industry observers are expecting Bitcoin to break It’s March documentationAND venture capital investments soar to the stars.
“We’re in a bull market like we’ve never experienced before — there’s going to be so much work for us from a recruiting perspective,” Sam Wellalage, founder of cryptocurrency recruiting firm WorkInCrypto.Global, recently said DL News.
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Fintech competition
Revolut faces competition from other companies making inroads into the sector.
Johann Kerbrat, general manager of Robinhood’s crypto arm, he said DL News it wants to be “the access ramp to the world of cryptocurrencies”.
Robinhood’s crypto push will catapult its market capitalization to about $26 billion in 2025, up from $18 billion today, according to analysts at research firm Bernstein esteem.
Somewhere else, Band will resume cryptocurrency payments this summer, and PayPal recently added its own own stablecoin to its mix of crypto services.
Revolut’s crypto push
Revolut has made cryptocurrencies a core part of its business model since it first launched cryptocurrency trading across Europe in 2017.
During 2021’s bull run, cryptocurrencies contributed between 30% and 35% of Revolut’s £39.8m profit, CEO Nikolay Storonsky said BloombergTV in 2022.
These positives ceased in 2022, when Revolut slipped back into the red, revealing a £25 million loss. 2022.
The neobank was presented in March Ramp of the Revolutionwhich allows users to purchase and deposit cryptocurrencies directly into MetaMask wallets.
Eric Johansson is the news editor of DL News. Do you have advice? Email to eric@dlnews.com.