Revolut, a digital banking app, apparently intends to keep investing in its cryptocurrency offering despite the collapse of the cryptocurrency markets, which has made this source of income for the business all but disappear.
From 30% or 35% in 2021, less than 5% of Revolut’s sales currently come from the company’s cryptocurrency offering, according to Storonsky, who added that this “is extremely disappointing from my point of view.” Cryptocurrency, in my opinion, has enormous potential for financial systems.
According to a Bloomberg TV interview with Revolut CEO Nikolay Storonsky, Revolut is still investing in cryptocurrencies, has expanded its crypto team over the past two years, and is working to make it easier for users to buy and sell cryptocurrencies using its app, according to a report released by Bloomberg on Wednesday, Nov. 2.
Customers of the Revolut card are now able to utilise their cryptocurrency balance to pay for online and in-person purchases, as PYMNTS reported on October 27.
The notification further stated that beginning on November 1 and only for a few period, clients would also be able to receive 1% cash back on all cryptocurrency balance expenditures.
According to a message the business sent to Revolut clients on October 27, “We made an update to our Crypto T&Cs to add a new’spend from crypto’ option, enabling you utilise your cryptocurrency balance to pay for routine purchases on your Revolut card.”
Many people are getting access to these services thanks to Revolut. Revolut reached milestones of 20 million customers, 250 million monthly transactions, and a global staff of over 5,000 employees in July, when it celebrated its seventh year as a business.
Revolut was founded seven years ago with the goal of giving people more control over their financial health through the use of technology and a service that satisfies all of their financial needs in one location, according to Storonsky at the time.
- Crypto revenue for Revolut has dropped to less than 5%
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