Fintech giant Revolut appears to be entering the crypto derivatives market with its latest job posting. The company’s recent recruitment efforts indicate a plan to build this new business from scratch in key cities like London, Barcelona, and Dubai. The General Manager (Crypto Derivatives) position will oversee product development, trading infrastructure, regulatory compliance, and commercial strategy for the newly launched platform.
A successful launch will rely on Revolut leveraging its 50 million global customer base, but it also faces potential hurdles given UK regulations which ban retail users from crypto derivatives. The company’s ambition remains unclear, particularly considering the uncertainty surrounding the UK market while possibilities in EU and Dubai offer a different perspective. The listing mentions familiarity with European Union financial market regulations as a plus, hinting at targeting these areas for expansion.
Revolut’s move into crypto derivatives follows an expansion of its cryptocurrency offerings. In May 2024, Revolut announced plans to invest over €1 billion in France and apply for a local banking license, further highlighting the company’s ambition in this sector. This recent push comes as Revolut continues expanding its crypto services, adding new markets to their exchange platform earlier this year.
The timing of this expansion coincides with Revolut obtaining its long-awaited UK banking license, paving the way for a broader financial service offering that includes credit cards, buy-now-pay-later products, and even mortgages.
Founded in 2015, Revolut was one of the early adopters of crypto technology, adding trading capabilities in 2017. Since then, the company has expanded its crypto offerings extensively.
Revolut doubles down on crypto with a new, user-focused exchange platform called Revolut X, designed for experienced traders, featuring low fees and real-time trading capabilities. The platform is set to expand to mobile devices in 2025, solidifying the company’s commitment to the growing cryptocurrency market.