Revolut, the digital challenger bank, remains committed to its crypto expansion plans, announcing a 20% increase in its global crypto team by the close of 2023. This decision comes as the firm recently opted to exit the US crypto market due to regulatory challenges, with operations ceasing on October 3rd.
Focusing on Favorable Jurisdictions
While Revolut faces regulatory headwinds in certain regions, it holds licenses to offer digital asset services in other locations. The firm obtained registration from the UK’s Financial Conduct Authority in September, enabling it to continue its crypto endeavors in the UK and Europe. Revolut has leveraged this momentum to introduce enhanced crypto services, including a staking feature for its UK and European customers.
Revolut’s broader growth strategy involves recruiting over 1,000 professionals this year across the UK, Europe, and India. In the UK alone, the bank plans to add around 400 new staff members, marking a significant 35% increase in local headcount. The bank has already received approximately 750,000 job applications in 2023, reflecting its appeal as a dynamic fintech employer.
Global Crypto Team Recruitment
As part of its expansion, Revolut is actively seeking candidates for various crypto-related roles across key regions such as India, Poland, Spain, and the UK. The recruitment drive encompasses positions in crypto compliance, operations, and investigations, demonstrating the bank’s commitment to ensuring a robust and compliant crypto ecosystem.
Continued Growth Amid Industry Scrutiny
Despite the challenging regulatory landscape, Revolut remains resolute in its growth objectives. The bank had initially planned to launch its native token, RevCoin, in late 2022 but postponed the event following FTX’s collapse. While US authorities tighten their stance on crypto, Revolut’s expansion plans showcase its determination to navigate regulatory complexities and expand its presence in crypto-friendly jurisdictions.
Revolut’s strategic move to bolster its crypto team amid regulatory shifts highlights its commitment to shaping the future of digital finance in favorable markets, while adapting to evolving industry dynamics.