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Online banking giant Revolut is stepping up its involvement in crypto. The UK fintech company has a market cap of $33 billion and plans to build its own crypto exchange.
According to a LinkedIn job post, Revolut is hiring a technology lead for a team that will “architect and build Revolut Crypto exchange.”
The company is looking for an individual with 7+ years in the tech sector. Also, the ideal candidate should boast experience in leading and supervising engineers. Furthermore, Revolut is looking for an experienced person in building order machine engines (like crypto exchanges). Lastly, a “genuine interest in the crypto industry” could land a candidate this dream job.
Revolut’s Digital Token and Crypto Offering
Entering the crypto exchange sector could be a big step ahead for the British fintech company. However, the move is likely to undergo significant scrutiny by UK regulators. For example, the Financial Conduct Authority, a British financial watchdog, has recently accelerated its crackdown on crypto-related businesses.
In September, reports surfaced that the company intended to launch its own digital token. Furthermore, the token should have become an exchange token, similar to Binance’s BNB, instead of a stablecoin.
Now, the timing of the launch would be subject to UK regulatory approval. Meanwhile, any news on Revolut’s crypto token has failed to surface in the media.
Revolut Crypto Exposure
Revolut launched in 2015 with a vision to build a digital alternative to traditional banks. It has since expanded to provide many other services, such as stock trading and crypto.
Today, Revolut offers commission-free stock trading on its flagship banking app. Also, it allows trading commodities, as well as some 30 cryptocurrencies.
In May, Revolut announced plans to enable its users to transfer their Bitcoin holdings outside its app and into their own digital wallets.
The company has a sizeable Bitcoin holding on its own. In September, the company signed a deal with WeWork for its Dallas office. Most importantly, Revolut paid for its office space in Bitcoin.
Revolut does not offer the lowest rates, the most extensive portfolio of stocks and crypto, or the best stock and crypto trading features. However, by providing a familiar interface and a trusted brand, it seeks to expand its range of services and, subsequently, its revenue potential.
This is part of a general trend towards “super-apps” like the Chinese WeChat. However, the company did not confirm whether Revolut crypto exchange will be available on its flagship app or on another platform.