Fintech firm Revolut shielded from bear market, employs 20% of crypto talent


Fintech firm Revolut continues its cryptocurrency movement, aiming to increase its digital currency team by 20%, immune to the continued vulnerability of the bear market.

Over the next six months, the British fintech startup hopes to expand its cryptocurrency-focused workforce in the U.S., U.K. and Europe.

The fintech company is looking for 13 positions related to crypto assets, including computer programmers, financial compliance and crime prevention specialists.

UK fintech revolution on hiring spree

With 230 vacancies across multiple sectors, Revolut is a cryptocurrency exchange that trades over 80 coins.

Revolut debuted in 2015 and is marketed as a low-cost and user-friendly platform. According to recent data, the number of people buying cryptocurrencies in the UK surged by 290% between July 2020 and July 2021.

In July of this year, it increased another 30%. In July last year, Revolut was valued at $33 billion, making it the most valuable fintech company in the UK.

According to Emil Urmanshin, General Manager of Crypto at Revolut:

“We view cryptocurrencies as a long-term investment and remain enthusiastic about the market…Cryptocurrencies represent 5-10% of the company’s global revenue.”

In June, the total market capitalization of the cryptocurrency market fell by around 12% to just $980 billion. The industry as a whole has suffered more than $2 trillion in losses since peaking in November 2021.

Image: Financial News London

Revolut hired and others terminated

Revolut differentiates itself from rivals like Coinbase and OpenSea, which were forced to cut 18% and 25% of their workforce, respectively, due to the bear market’s severe impact on operations.

Both companies admitted to overhiring last year when deal activity was strong.

Binance, the world’s largest cryptocurrency exchange, is treading cautiously during the bull run, in anticipation of a market pullback. In June, CEO Changpeng Zhao said the company had more than 2,000 job openings.

Investor brokerage app Robinhood just reported a 23% reduction in its workforce after laying off 9% in April, blaming crypto bear troubles and inflation.

Gemini, Coinbase, OpenSea and Crypto.com have also announced significant price cuts in response to the continued price drop.

Besides Revolut, major cryptocurrency exchanges Kraken, FTX and Binance are also hiring.

“Despite volatility, demand for crypto assets has surged, and we have more clients trading cryptocurrencies 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



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