Fintech Firm Revolut Unfazed By Bear Market, Hires 20% More Crypto Talent
Fintech company Revolut continues its cryptocurrency campaign with intentions to grow its digital currency team by 20%, undeterred by the continued fragility of the bear market.
Over the next six months, the British fintech startup wants to expand its crypto-focused staff in the US, UK and Europe.
The fintech company is looking for 13 positions related to cryptoassets, including computer programmers and financial compliance and crime prevention specialists.
UK Fintech Revolut On Hiring Spree
Revolut has 230 open roles across multiple divisions and operates as a cryptocurrency trading platform trading more than 80 coins.
Revolut debuted in 2015 and is marketed as an affordable and user-friendly platform. Between July 2020 and July 2021, the number of people buying cryptocurrencies in the UK increased by 290 percent, based on recent data.
In July this year, it grew by a further 30 per cent. Revolut was valued at $33 billion last July, making it the most valuable fintech company in the UK.
According to Emil Urmanshin, general manager of crypto at Revolut:
“We see crypto as a long-term investment and remain enthusiastic about the market…crypto accounts for 5-10% of the company’s global revenue.”
In June of this year, the total market capitalization of the cryptocurrency market fell by around 12 percent, to just $980 billion. Since the peak in November 2021, the industry as a whole has suffered losses of more than $2 trillion.
Image: Financial News London
Revolut hires while others quit
Revolut differs from competitors such as Coinbase and OpenSea, which were forced to lay off 18 percent and 25 percent of their workers, respectively, as a result of the bear market’s severe impact on their operations.
Both companies admitted to over-leasing last year when their trading activity was stronger.
Binance, the largest cryptocurrency exchange in the world, behaved cautiously during the bull market in anticipation of a market correction. In June, CEO Changpeng Zhao said the company has vacancies for more than 2,000 people.
Investor brokerage app Robinhood just reported a 23 percent cut in its workforce, following a 9 percent cut in April, blaming problems with the crypto bear market and inflation.
Gemini, Coinbase, OpenSea and Crypto.com have also announced significant price reductions in response to the continuous price decline.
In addition to Revolut, major cryptocurrency exchanges employ Kraken, FTX and Binance.
“Despite the volatility, demand for crypto assets has increased and we have more clients trading crypto than we did in July 2021,” Urmanshin said.
Crypto total market cap at $1.06 trillion on the daily chart | Source: TradingView.com Featured image from Freepik, chart from TradingView.com
