But what is Revolut preparing? A very ambitious cryptocurrency project is on the way

The new Revolut bank is discreet. Its banking offering hasn’t changed much in a year and its customer base seems fairly stable, at under 2 million in France. British society doesn’t make a lot of noise. It’s still, something is brewing. His ambitions in cryptocurrencies have been heightened. The movements, here and there, draw the outline of a great project.

In 2020 and 2021, the plant benefited greatly from its cryptocurrency exchange functionality. In addition to helping it acquire new customers, neobank also took the opportunity to find an even more efficient source of income than its bank cards. It only lasted a while – the cryptocurrency winter froze an entire market and wiped out players – but Revolut is holding on and believing.

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Things are happening in Revolut

His little information every week. The internal teams have been agitated since the beginning of the year. We were pampered by the arrival of new tokens (for a total of 80 cryptocurrencies available), by the arrival of transfers between wallets, by the full ownership of the assets, but also by the reduced commissions on Premium and Metal cards. However, all of this appears to be just the beginning of a bigger project.

First, Revolut is hiring. The company plans to increase the size of its specialized cryptocurrency teams 20% in the next six months. This will affect both its offices in Europe, in London but also in the United States. And the positions sought are representative of the preparation of something great. In all, 230 positions are currently to be filled (for the tip of the iceberg).

The profiles sought by Revolut:

  • Software engineers
  • Specialized lawyers
  • Financial compliance experts

Everything seems to converge towards the launch project of a Revolut cryptocurrency. The token could be called “Revcoin”, as co-founder of the new bank Nik Storonsky provided valuable details to reporters from The block last May. The rumor dates back to September 2021, and it is almost certain that it would not be a stablecoin but a token subject to fluctuations, which should reward Revolut customers.

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Its main cousin, to compare it, would be Binance’s BNB. Unsurprisingly, the company took inspiration from the world’s # 1 trading platform cryptocurrency. At the Finance Festival last April in London, Revolut has already revealed that 100 people among its teams “currently working in cryptocurrencies and web3”. On this occasion, Nik Storonsky was very clear in his words:

“For us, cryptocurrencies are a veritable vertical of financial services, which is obviously growing very rapidly with many interesting applications built on the web3. So obviously we would like to be a part of it and we have many exciting projects that we can’t share yet. “

A Revolut crypto bank

During the month of August, at the height of holidays for many people, it is precisely in Cyprus that the continuation of the secret plan of Revolut takes shape. The new bank has received approval of a new license of the Cyprus Securities and Exchange Commission (CySEC) in order to offer products and services with reference to cryptocurrencies and digital assets more generally. Revolut would therefore be well on its way to becoming a true standalone cryptocurrency trading platform with much more comprehensive possibilities on European soil.

This is how Revolut could seek to fill gaps in its banking services by capitalizing on decentralized DeFi solutions. It could, for example, be loan solutions in cryptocurrencies, as does Aave (the company behind the protocol has just obtained a European strategic license as well). In France, Revolut would approach players like Coinhouse, which claims to be a “crypto-bank”. Case to follow.

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