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Revolut Ltd. expects to raise its crypto personnel by 20% across Europe, the UK, and the US over the next six months. This is a bright spot in the current digital-assets industry downturn, a rare hint of expansion despite the backdrop of a general slowdown in hiring by tech companies.
The London-based fintech company is currently recruiting for 13 positions with a focus on cryptocurrencies, including those in compliance and financial crime prevention, as well as software engineers and individuals with experience in cryptocurrencies who work in the legal sector. The team’s total workforce has tripled since July 2021 thanks to the startup’s 43 crypto hires so far this year. Across all of the company’s teams, there are more than 230 unfilled opportunities.
Emil Urmanshin, general manager of cryptocurrency at Revolut, stated, “We see crypto as a long-term play and remain bullish on the crypto industry.” The business presently contributes between 5 and 10 percent of Revolut’s global revenue.
Revolut’s campaign comes amid a protracted decline in Bitcoin values that has resulted in bankruptcies and job losses throughout the industry. As the “crypto winter” started, COINBASE Global Inc. cut 1,100 workers, or around 18% of its staff, in June. These layoffs follow similar cuts made across the industry, notably at BlockFi Inc., Gemini Trust Co., Bitpanda, and Crypto.com. Additionally, there have been recruiting slowdowns in the big tech sector, particularly at Twitter Inc., Alphabet Inc.’s Google division, and Apple Inc.
Revolut, one of the most well-known fintech businesses in Europe, will be able to keep growing its cryptocurrency offerings with the assistance of the new hires. The “superapp” for the financial industry revealed on Wednesday that it was launching 22 new tokens on its platform, boosting the total number of virtual currencies to more than 80. Digital assets already available include the APE coin for the metaverse and two tokens for decentralized finance.
Revolut, which was introduced in 2015, quickly gained popularity among European consumers for its user-friendly app and linked debit card, which let users spend different currencies at the interbank exchange rate with little to no cost. Since then, it has increased the scope of its product offering to incorporate travel, stock trading, pet insurance, and business checking accounts.
Due to travel restrictions and decreased expenditure, Revolut’s primary foreign exchange service suffered during the COVID-19 outbreak, but the business’s stock and cryptocurrency trading have soared.
Revolut is the only crypto-asset company still listed on the UK Financial Conduct Authority’s interim registry, and it has had more than 20 million customers since it began operations. The additional 11 who were given extensions have either been accepted, rejected, or withdrawn from consideration. Additionally, after more than a year and a half, Revolut is still awaiting the FCA’s final approval of its application for a full banking license.
