Revolut, the largest unicorn in the UK, is expanding its crypto section at a time when many other cryptocurrency companies are announcing layoffs.
According to Bloomberg, the company plans to hire new employees across its European, American, and British offices to fill positions in compliance, financial fraud preventative measures, crypto legal representation, and software development. This will result in a 20 percent increase in the size of the firm’s crypto staff.
Emil Urmanshin, who serves as the general manager of crypto for Revolut, stated that his company’s perspective is that “crypto is a long-term play, and [we] remain bullish on the cryptocurrency market.” Even while crypto transactions only make up 5–10 percent of the company’s overall income, the company is trying to grow and get ready for a time when these margins will be far higher.
According to Bloomberg, Revolut has announced the adoption of 22 new cryptocurrencies, including the well-known metaverse token ApeCoin. This comes on the heels of the company’s decision to strengthen its cryptocurrency section.
Revolut is not breaking any new ground by stating its intention to pursue expansion in the cryptocurrency market.
In addition, it launched a Crypto Earn and Learn tool with Polkadot the previous month. This function enables users to earn up to $15 worth of DOT by completing various educational courses offered on the platform.
It began offering fee-free cryptocurrency trading to users in the United States in November of last year. At the time, the CEO of Revolut USA, Ron Oliveria, told Decrypt that “the free crypto element is part of a wider presentation to investors that we’re a provider of services.”
The questions that Decrypt has made regarding Revolut’s hiring goals have not yet received a response from the company.
The cryptocurrency business has been hammered hard by layoffs
In the meantime, the investor broker program Robinhood just stated that it would be laying off 23 percent of its workers. This comes after the company trimmed its workforce by 9 percent in April, citing difficulties associated with the bear market for cryptocurrencies and inflation.
Amid the continued price decline, crypto-specific companies, including Gemini, Coinbase, OpenSea, and Crypto.com, have also announced significant pricing reductions.
BlockFi, a platform for lending and borrowing severely damaged by the market collapse, made an intriguing offer to its employees that, should they resign from their positions, they would receive ten paid time off and ten weeks of enhanced health insurance.
In addition to Revolut, big cryptocurrency exchanges such as Kraken, Binance, and FTX are also now recruiting.
Sam Bankman-Fried, the Chief Executive Officer of FTX, stated that the exchange can “maintain growing regardless of market conditions” since it “hired prudently.”
Keep up with the latest crypto news and have daily updates delivered to your inbox.
More News: Court Allows Voyager to Return $270M to Creditors