Revolut’s Chief Revenue Officer, Alan Chang, has reportedly left the UK fintech company. He plans to raise millions of dollars for a new crypto initiative.
New Crypto Ventures Get $100 Million in Capital
Bloomberg reports that Chang will be leaving Revolut after serving as an executive for seven years. Chang joined Revolut as the fifth employee in 2015.
Chang, the chief revenue officer of fintech company, is leaving but Chang is still working to develop a crypto startup. Bloomberg has learned that the executive wants to raise $100 million. He is also believed to have invested his money in the millions, according to unnamed sources.
Business Insider reported that Chang was planning to create a new cryptocurrency venture along with Charles Orr (an ex-Revolut employee who left the company in 2020). Chang described the initiative at “intersection of renewable energy and Web3.”
“I want the world’s largest economy within the next 10 years. While I’m at it, I want to address climate change.
The executive didn’t give any further information about the venture. UK filings show that Chang has been listed as a director in a new company after he resigned from his position at Revolut in February 2022.
Revolut’s Crypto Efforts
Revolut had announced in September 2021 that it would launch a cryptocurrency token. The news about Chang’s departure comes just a few months later. According to CryptoPotato, the token’s proposed location would be the first for the European market.
The UK Financial Conduct Authority (FCA) must approve the initiative.
This fintech company, based in London, is not new to the cryptocurrency market. The company announced Bitcoin trading support in 2017 and has since added several altcoins to its portfolio.
11 new tokens became available for trading on Revolut’s platform in April 2021. Some of these include Uniswap, Cardano (ADA), Loopring(LRC), Synthetic (SNX), and Cardano (ADA).
Revolut was also the most valuable fintech company in the United Kingdom after it raised $800 million through a round of funding led by SoftBank in July 2021. Revolut’s value soared to $33 Billion due to the new funding.
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