Revolut plans to build a crypto derivatives arm from scratch, per a new job listing, tapping its 50M users to enter the booming market.
Revolut, a fintech colossus, is preparing to enter the crypto derivatives market, as a new job posting suggests that the company is establishing itself from the ground up.
The fintech company is recruiting in London, Barcelona, and Dubai, as evidenced by a recent job posting for the “General Manager (Crypto Derivatives).”
The position would be responsible for the complete implementation of the derivatives platform, including regulatory compliance, commercial strategy, product architecture, and trading infrastructure.
As stated in the listing, the objective is to leverage Revolut’s global customer base of 50 million to establish “one of the most trusted, scalable, and profitable derivatives offerings in the world.”
The decision is part of Revolut’s ongoing efforts to broaden its cryptocurrency offerings.
The company announced on May 19 that it intends to register for a local banking license and invest over 1 billion euros ($1.1 billion) in France.
By publication, Cointelegraph had not received a response from Revolut regarding its request for comment.
Revolut’s Initiative To Promote Crypto Derivatives May Conflict With UK Regulations
The fintech company’s aspirations for crypto derivatives may conflict with the current regulations in the United Kingdom.
In 2021, the UK Financial Conduct Authority (FCA) prohibited crypto derivatives for retail users, citing the potential dangers to inexperienced traders.
Revolut’s initial market for crypto derivatives is dubious due to the restrictions in the UK.
Nevertheless, the classification indicates that a working knowledge of the financial market regulations of the European Union is advantageous.
Dubai is another potential candidate, as its regulatory framework permits retail access with appropriate licensing.
Daniel Arroche, a partner at the blockchain law firm D&A Partners, stated that regulatory buy-in would be challenging for Revolut if it aims to enter the UK market unless the product is restricted to professional clients.
“However, approval is more feasible in the European Union or Dubai.”
The fintech company was granted a UK banking license in 2024, which enabled the company to broaden its lending services, which include credit cards, buy-now-pay-later products, and potentially mortgages.
Revolut Increases Its Cryptocurrency Investment
The fintech company was one of the first significant fintechs to embrace crypto, established in 2015. In 2017, trading support was added.
The company has been enhancing its cryptocurrency offerings since that time.
Revolut X, a desktop crypto exchange exclusively designed for experienced merchants, was launched in May 2024.
The platform provides real-time on/off ramp capabilities and minimal fees for trading 100 tokens, with plans to expand to mobile in 2025.
A substantial portion of the organization’s revenue is currently generated by its crypto division.
The fintech giant’s pre-tax profit doubled to 1 billion British pounds ($1.3 billion) in 2024 from 438 million pounds in 2023 due to a resurgence in crypto trading and accelerated customer growth.
