Fintech big Revolut seems to be gearing up for a transfer into the crypto derivatives market as a brand new job posting hints at plans to construct the enterprise from scratch.
A latest itemizing for a “Normal Supervisor (Crypto Derivatives)” position reveals that Revolut is actively recruiting in London, Barcelona and Dubai. The place would oversee the end-to-end launch of the derivatives platform, from product structure and buying and selling infrastructure to regulatory compliance and industrial technique.
In response to the itemizing, the objective is to create “one of the trusted, scalable, and worthwhile derivatives choices on this planet,” leveraging Revolut’s 50 million-strong international buyer base.
The transfer comes as Revolut continues to develop its crypto choices. On Could 19, the corporate introduced plans to take a position greater than 1 billion euros ($1.1 billion) in France and apply for a neighborhood banking license.
Cointelegraph reached out to Revolut for remark however had not acquired a response by publication.
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Revolut’s crypto derivatives push may conflict with UK guidelines
Notably, Revolut’s ambitions for crypto derivatives may put the fintech firm at odds with present guidelines in the UK. The UK Monetary Conduct Authority (FCA) banned crypto derivatives for retail customers in 2021, citing dangers to inexperienced merchants.
Given the restrictions within the UK, Revolut’s preliminary marketplace for crypto derivatives stays unsure. Nonetheless, the itemizing mentions familiarity with European Union monetary market laws as a plus, and Dubai is one other candidate, as its regulatory regime permits retail entry beneath correct licensing.
“If Revolut targets the UK market, regulatory buy-in could be tough except the product is restricted to skilled shoppers,” stated Daniel Arroche, accomplice at blockchain regulation agency D&A Companions. “However within the EU or Dubai, approval is extra reasonable.”
In 2024, Revolut obtained a long-awaited UK banking license, paving the way in which for the corporate to develop its lending providers, together with bank cards, buy-now-pay-later merchandise and probably mortgages.
Associated: Revolut expands crypto alternate to 30 new markets in Europe
Revolut doubles down on crypto
Based in 2015, Revolut was one of many first main fintechs to embrace crypto, including buying and selling assist in 2017. Ever since, the corporate has been increasing its crypto providing.
In Could 2024, Revolut launched Revolut X, a devoted desktop crypto alternate concentrating on skilled merchants. The platform presents buying and selling for 100 tokens with low charges and real-time on/off-ramp capabilities, with plans to develop to cellular in 2025.
Notably, the corporate’s crypto division now generates a big share of general income. In 2024, the fintech big doubled its pre-tax revenue to 1 billion British kilos ($1.3 billion) from 438 million kilos in 2023, pushed by speedy buyer progress and a resurgence in crypto buying and selling.
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