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.

The post Revolut Prepares to Venture into Crypto Derivatives, Recent Job Posting Reveals appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

The neobank’s investment strategy includes establishing its new headquarters for the European Union in Paris and employing at least 200 additional staff within the next three years. Revolut is currently preparing to submit its application to the French banking regulator, the Prudential Supervision and Resolution Authority. It is believed that the regulator has encouraged the neobank to pursue this license due to its increasing popularity in the country.

Currently employing approximately 300 individuals, Revolut serves five million customers in France, making it their largest market in the European Union. Revolut aims to increase its user base to 10 million by next year and double that number by 2030. The digital bank offers a range of services on its platform, including loans, trading, and support for cryptocurrency.

Since its establishment in 2015, Revolut has experienced exponential growth, with a recent valuation at $45 billion and reportedly serving over 55 million customers worldwide. The firm’s 2024 annual report states a revenue of 3.1 billion British pounds ($4 billion), with a workforce of over 10,133 employees.

After obtaining its UK banking license in July 2024, Revolut has aggressively pursued similar permits in other jurisdictions, with 10 applications currently underway. The neobank was recently granted the Prepaid Payment Instruments license from India’s central bank, enabling it to provide multi-currency forex cards and cross-border remittance services in the country.

Revolut’s Lithuanian operations now serve EU-based customers, thanks to a banking license obtained at the end of 2018. This has significantly improved its ability to serve customers across the European Economic Area.

The post Revolut’s Billion-Dollar Bet on France: Crypto Neobank to Pump $1.1B and Seek Local License appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

The Rise of Digital Payments

In today’s fast-paced world, the need for quick and secure digital payments is more crucial than ever. Whether it’s for online shopping, sending money to friends and family, or managing business transactions, a reliable digital wallet is indispensable. Skrill has been a pioneer in this space, offering a multitude of features that make it a preferred choice for users worldwide.

While there are several digital payment platforms available, Skrill stands out for its ease of use, security features, and global reach. Unlike its competitors, Skrill offers a comprehensive suite of services, including cryptocurrency trading, that cater to both individual and business needs.

The digital payment landscape is ever-changing, with new players entering the market regularly. However, Skrill has managed to maintain its stronghold due to its constant innovation and customer-centric approach. Whether you’re a freelancer looking to receive international payments or a traveler in need of a multi-currency account, Skrill has got you covered.

Why Choose Skrill Over Revolut and Other Competitors

When it comes to digital payments, users often find themselves comparing Skrill with other platforms like Revolut. While Revolut has its merits, Skrill offers several advantages that make it a superior choice. For starters, Skrill provides a more extensive range of currency options, making it ideal for international transactions.

Another area where Skrill shines is its fee structure. Unlike Revolut, which can have hidden fees and limitations, Skrill offers a transparent and competitive pricing model. This is especially beneficial for businesses and frequent users who need to make multiple transactions daily.

Lastly, Skrill’s security measures are second to none. With advanced encryption technologies and multiple layers of security, you can rest assured that your financial information is in safe hands. This level of security is something that not all digital payment platforms, including Revolut, can guarantee.

Skrill’s Unique Features

What sets Skrill apart from its competitors are its unique features that cater to a wide range of needs. One such feature is the Skrill Prepaid Mastercard, which allows you to access your funds anytime, anywhere. This is particularly useful for travelers and people who prefer not to carry cash.

Another noteworthy feature is Skrill’s cryptocurrency trading options. With the rise of digital currencies like Bitcoin and Ethereum, having the ability to trade cryptocurrencies within your digital wallet is a significant advantage. This makes Skrill a one-stop-shop for all your financial needs, from traditional currencies to the latest digital coins.

Moreover, Skrill offers a loyalty program called “Knect,” where you can earn points for every transaction you make. These points can be redeemed for various rewards, adding an extra layer of value to your digital payment experience.

How to Get Started with Skrill

Getting started with Skrill is a straightforward process. All you need is a valid email address to create your account. Once your account is set up, you can link it to your bank account, credit/debit card, or even another digital wallet. This flexibility makes it easy to fund your Skrill account and start making transactions immediately.

For those concerned about security, Skrill offers two-factor authentication (2FA) to add an extra layer of protection to your account. This is a feature that every user should take advantage of to ensure the utmost security.

In conclusion, Skrill’s user-friendly interface, diverse range of services, and robust security measures make it the ultimate choice for digital payments. Whether you’re an individual looking for a reliable way to manage your finances or a business in need of a comprehensive payment solution, Skrill has something for everyone.

The post Why Skrill is the Ultimate Choice for Digital Payments Over Revolut and Others appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

According to an email sent to Revolut customers on Thursday (Oct. 27), the company is making cryptocurrency a viable payments option so that Revolut cardholders can use their crypto balance to pay for online and in-store purchases.

The company announced the addition of a “spend from crypto” feature, explaining,

We’ve updated our Crypto T&Cs to include this new feature, so you can use your cryptocurrency balance to pay for everyday purchases on your Revolut card.

The announcement further stated that all customers would receive 1% cash back on their crypto balance spent beginning on November 1 for a limited time.

It is not a novel practice to use cryptocurrencies as a payment method when shopping online. 33% of tech-savvy consumers buy cryptocurrency for use in online shopping, according to a PYMNTS study titled “Shopping with Cryptocurrency: Tech-Driven Consumers Drive Market Acceptance.”

In “How Consumers Use Digital Banks,” another recent PYMNTS data report, 36% of consumers expressed strong interest in using a digital bank within the next year.

Revolut has become a more compelling digital banking platform than its rivals thanks to its introduction of crypto payments for its customers.

According to the company’s website, Revolut has more than 20 million individual users and provides in-app trading for more than 30 digital currencies.

Revolut Pro, the company’s latest payment improvement, was released last month. A brand new resource for freelancers is the income, expenditure, and payment management account. Money transfers, purchases, and payments across multiple currencies are all possible with this no-cost tool.

The post Revolut Enables Its Clients to Make Purchases with Crypto appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

London-based cryptocurrency and banking services provider Revolut announced that it has added 29 cryptocurrencies and tokens to its system as part of its US expansion. Dogecoin, Shiba Inu, Solana, and AVAX are among the cryptocurrencies added by the company, which is trying to exist in the race, especially in the fight against companies such as Robinhood and Coinbase.

No Revolut commission up to 200 thousand dollars a month

Speaking on the subject, Mazen Eljundi, head of Revolut’s global cryptocurrency department, said in a statement,

Today we have more than quadrupled our token portfolio to offer our customers a much more diverse crypto portfolio. The trading volume is commission-free up to $200,000 per month.

The statement added that despite these additions, some tokens are still awaiting approval from the New York Department of Financial Services.

Staking services will also be available

Revolut, which added 22 cryptocurrencies/tokens to its system in August, ended its partnership with Paxos this month. Revolut, which has established a new partnership with Apex Crypto, announced in August that more cryptocurrencies will be listed and staking services will also be provided with this new partnership.

In addition, Nik Storonsky, the founder of the company, also stated in an interview in May that Revolut would also issue its own token.

The post Revolut US adds 29 cryptocurrencies, including DOGE and SHIB appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

The firm, which provides mobile app-based current accounts as an alternative to physical banks, has been referred to by some as a “tech superstar”.

Why is Revolut so controversial?

But before that, let’s understand what Revolut is? 

What is Revolut?

Revolut offers a range of digital banking services in a mobile app targeted at young, tech-savvy users, including:

• Transferring money abroad in 29 currencies
• A pre-paid debit card that enables cash machine withdrawals in 120 countries
• A cryptocurrency exchange allowing users to convert currencies into Bitcoin, Litecoin, Ethereum, Bitcoin Cash or XRP
• Vaults for budgeting and saving money
• Mobile phone and overseas medical insurance

Users get a free UK current account and a free euro IBAN account with standard accounts. There are no fees on exchanging in 24 currencies, up to £5,000 a month. Also, you can withdraw up to £200 a day and up to £3,500 a day on Revolut Metal plan, from cash machines.

Revolut also offers monthly subscription plans with higher thresholds for no fees, as well as instant access to crypto-currencies, cashback, cash withdrawal, travel and concierge service.

Why has Revolut been in the headlines so much?

In February, Revolut launched an advertising campaign featuring an ad that highlighted the number of people who ordered a takeaway meal for one on Valentine’s Day in 2018.

The ad, which asked, “You ok, hun?” sparked a backlash on Twitter. Revolut has done “shaming” single people and being both “intrusive” and “tone-deaf”.

In February, the Telegraph said that in the summer of 2018, Revolut disabled a system designed to automatically halt transactions to individuals who matched against sanctions lists.

Sanctions lists contain the names of individuals whose assets have been frozen and include those connected with chemical weapons violations as well as members of the Islamic State.

The system flagged the transaction for inspection but still allowed it to go through.

Revolut told the BBC: “At no point did Revolut stop checking transactions for sanctions compliance last year. Nor was there any failure in our sanctions screening procedures.”

Our Experience with the Revolut

Our personal and business experience with Revolut is scary, as they blocked our paying accounts. It’s crazy but suddenly, they deactivated our company account that was connected to the website CryptoUpdate.io

With this blocking activity, We cannot pay salaries to our employees. Currently, we have 2 employees from Ukraine. We trying to support the Ukrainian people somehow by giving them jobs. 

Back to the story, Revolut just deactivated our company accounts and blocked all payments and cards. 

Moreover, the company account was live for 4 months and everything was working perfectly, but today we just got blocked without any reason. We tried to contact Revolut support by chat to know their narrative or at least to explain why they deactivated the account, but they refuse to answer this question. Even we asked for the contact of the top manager or director or at least asked them to contact us back by phone or by email, but they refused this request as well.

So, now we can confidently say that Revolut and Revolut Business is not a bank and does not comply with European financial laws. It’s just a cheap finance company that is doing what they want, and it’s against the EU laws as they can deactivate the account without any reason and block payments, transfers, cards, exchanges etc.

Furthermore, they left us with the only option to exchange money for the company’s local currency (even not to euro) and send it via bank transfer within 60 days.

Not Suitable for Anyone!

People who are reading this on the Crypto Update are highly NOT RECOMMENDED to use Revolut for Personal or for Business purposes. The Behavior of Revolut is not politically correct and is against the financial EU laws.

To conclude, we can say that Revolut set up a monopoly and did what they want. Opening an account with Revolut is highly risky, as they can block it at any time without any reason. Clients cannot trust Revolut.

Imagine that you went on a vacation to another country and your card was suddenly blocked.

The post Revolut Deactivated / Blocked My Account- Here’s What Happened? appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

According to a report from Forbes, Revolut made a post confirming that they would allow users who purchase bitcoins and other tokens through them to move the acquired tokens away from the platform, something which is restricted if you purchase crypto with PayPal or Robinhood.  

The Forbes report reveals that Revolut did publish a post confirming the update which said that users can make bitcoin withdrawals and that they will be adding more currencies to the withdrawal list. However, currently it stands deleted because an official from Revolut confirmed that it got published before the schedule because of an “error.” 

Experts say that with Revolut adding Bitcoin withdrawal, it may attract a significant majority of Robinhood and PaylPal users as the two most popular platforms don’t allow Bitcoin withdrawal. Critics have long been calling crypto purchased on PayPal and Robinhood to be vulnerable as it is not the actual buyer who owns the key. 

When you purchase cryptocurrency through PayPal or Robinhood or similar platforms, though it is you who buy them it is not technically your cryptocurrency. It is the bank/institution who owns the currency and you pay them to hold it for you. It is for this reason, Revolut can really offset the user base of platforms like Robinhood and PayPal. 

The post Will Revolut’s New Update Put An End To Crypto Traders’ Affinity For PayPal And Robinhood appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.