Cryptocurrency exchanges and trading platform scan bring prominent business volume to any provider. Slowly but surely, players from traditional finance begin exploring this space. Revolut aims to be the next company to offer crypto exchange support, although that plan might be a tad ambitious for a business that already loses revenue.
Revolut Has Crypto Exchange Plans
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Financial institutions and service providers have shown a growing interest in the cryptocurrency space.
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Revolut is the latest company to confirm its interest in letting users buy, sell, and trade crypto assets.
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To provide that service, Revolut will need to build a native exchange.
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A LinkedIn job opening confirms they seek someone to “lead a technical team to build the Revolut crypto exchange. “
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That individual will need seven years – or more – of experience in the technology industry and know how to build an engine to match orders.
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It is an ambitious project, although something needs to change to turn a profit again.
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Even though Revolut is valued at $33 billion, the company still operates at a loss after several years.
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Despite that label, the firm raised $800 million in funding during July 2021.
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Adding a crypto exchange to its portfolio of services can inject a more significant cash flow, allowing the provider to turn a profit in the future potentially.
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It is not Revolut’s first venture into cryptocurrencies, as users can trade over a dozen assets and tokens today.
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Similar to solutions like Robinhood, users cannot withdraw crypto balances to an external wallet at this time.
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That situation may change, as the firm announced plans to allow external withdrawals in May 2021.
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Unfortunately, such a feature has not rolled out to users at the time of writing.
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Revolut has paid for US office space with Bitcoin through a deal with WeWork earlier this year.
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