Revolut, a British fintech company, plans to increase its crypto-focused staff by 20% in the U.K., U.S. and Europe over the next six month.
It currently advertises for 13 roles in the industry, including software engineers and crypto legal professionals.
The Long-Term Crypto Game
Bloomberg reports that Revolut has already employed 43 people who are crypto-focused in 2022. This will increase its headcount by over 200%. The firm currently has 230 positions available across all its teams.
Reovolut’s hiring drive is designed to expand its cryptocurrency offerings. It is currently an exchange platform that allows users to trade over 80 digital assets and earn crypto by rounding up their spare change from daily purchases. Users can also earn by learning about cryptocurrency through the platform.
The app added 22 additional cryptos to its platform on Wednesday, including APE coin.
Emil Urmanshin, Revolut’s crypto general manger, stated that crypto is a long-term investment and that he remains bullish on the industry. Revolut’s global revenues currently account for between 5-10% of its crypto revenue, he stated.
This firm was established in 2015 and is known for its low-cost, easy-to-use foreign currency service. Due to travel restrictions and lower spending, activity in this sector slowed down during the Covid-19 epidemic.
The firm’s stock and crypto businesses have soared over the years. The number of UK customers purchasing cryptocurrency increased by 290% in July 2020 and July 2021 and another 30% by July 2022. Between each period, transactions increased by 800% versus 50%, respectively.
Urmanshin stated that despite the turmoil, crypto assets have seen increased interest and that there are still more crypto traders than in July 2021.
Revolut was worth $33 billion in July 2021. It is Britain’s most valued Fintech company.
Construction during the Bear
Revolut is different from other industry players such as Coinbase and OpenSea who were forced to layoff 18% and 25 percent of their staff when the bear market began in June. Both companies admitted to having overhired staff in 2021, when trading activity at both firms was higher.
Binance, the largest cryptocurrency exchange in the world, was cautious during the bull market to prepare for a slowdown. Changpeng Zhao, CEO of the company, announced that it was looking for more than 2000 employees in June.
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