The financial technology heavyweight, Revolut, seems to be prepping for an ambitious dive into the crypto derivatives sector. This is evidenced by a recent job advertisement that indicates an intention to develop this branch of business from the ground up.
A job posting for a “General Manager (Crypto Derivatives)” position reveals that Revolut is currently hiring in London, Barcelona, and Dubai. The individual appointed to this role would be responsible for overseeing the rollout of the derivatives platform, from the product blueprint and trading infrastructure to regulatory adherence and commercial strategy.
The listing suggests that Revolut aims to establish “one of the most reliable, scalable, and profitable derivatives offerings globally.” This would be done by tapping into Revolut’s impressive global clientele, which boasts 50 million users.
Revolut’s plan to venture into crypto derivatives coincides with its ongoing efforts to broaden its crypto-related offerings. On May 19, Revolut announced a commitment to invest over 1 billion euros ($1.1 billion) in France and apply for a local banking license. Cointelegraph reached out to Revolut for a comment, but no response was available at the time of publication.
Interestingly, Revolut’s objective to delve into crypto derivatives might clash with the current regulations in the United Kingdom. In 2021, the UK Financial Conduct Authority (FCA) prohibited crypto derivatives for retail users, citing risks for novice traders. Given these restrictions, it remains unclear what initial market Revolut has in mind for its crypto derivatives. The job listing, however, implies that a strong understanding of European Union financial market regulations is a plus. Dubai, with its retail-friendly regulatory framework, is another potential candidate.
“If Revolut targets the UK market, obtaining regulatory approval could be challenging unless the product is limited to professional clients,” opined Daniel Arroche, a partner at blockchain law firm D&A Partners. “However, in the EU or Dubai, approval is more achievable.”
In 2024, Revolut secured a long-awaited UK banking license, which opened up avenues for the company to broaden its lending services, including credit cards, buy-now-pay-later products, and potentially mortgages.
Established in 2015, Revolut was among the first prominent fintechs to embrace crypto, introducing trading support in 2017. Since then, the company has consistently expanded its crypto services. In May 2024, Revolut launched Revolut X, a specialized desktop crypto exchange designed for seasoned traders. The platform supports trading for 100 tokens with minimal fees and real-time on/off-ramp capabilities, and there are plans for a mobile version in 2025.
Remarkably, a significant portion of the company’s overall revenue is now generated by its crypto division. In 2024, the fintech behemoth doubled its pre-tax profit to 1 billion British pounds ($1.3 billion) from 438 million pounds in 2023. This surge was fueled by rapid customer growth and a resurgence in crypto trading.
