- Revolut is recruiting for its crypto team.
- It is not alone: PayPal and Stripe are among the firms strengthening their digital asset units.
- Their efforts come as crypto markets prep for a huge rally.
Revolut, the UK fintech firm, aims to top up its talent pool with 12 new hires as it pushes to expand its crypto business.
The neobank, which is valued at $26 billion, serves 40 million customers.
Revolut, which as an early crypto adopter among fintechs, is seeking to partner with more crypto wallets such as MetaMask, a company spokesperson told DL News.
Revolut isn’t the only digital payments platform hiring for crypto roles. PayPal, the global payments processor, advertises 22 crypto-related roles. And Stripe and Robinhood, the discount trading platform, each have four open positions each.
The companies did not return requests for comment.
Their hiring efforts are testament to the industry’s renewed optimism amid regulatory approval of both Bitcoin and spot Ethereum exchange-traded funds this year
Not only are the biggest crypto exchanges hiring over 1,200 new roles, but industry watchers expect Bitcoin to break its March record, and venture capital investments to skyrocket.
“We are in a bull market like we’ve never experienced before — there’s going to be so much work for us from a recruiting perspective,” Sam Wellalage, founder at crypto recruitment firm WorkInCrypto.Global, recently told DL News.
Fintech competition
Revolut faces competition from other firms muscling into the sector.
Johann Kerbrat, the general manager of Robinhood’s crypto arm, has told DL News it wants to be “the on-ramp to the crypto world.”
Robinhood’s crypto push will catapult its market cap to about $26 billion in 2025, up from $18 billion today, analysts at research firm Bernstein estimate.
Elsewhere, Stripe will resume crypto payments this summer, and PayPal has recently added its own stablecoin to its mix of crypto services.
Revolut’s crypto push
Revolut has made crypto a key part of its business model since it first launched crypto trading across Europe in 2017.
During the 2021 bull run, crypto contributed between 30% and 35% to Revolut’s £39.8 million profit, CEO Nikolay Storonsky told Bloomberg TV in 2022.
Those tailwinds ceased in 2022 when Revolut went back in the red, revealing a £25 million loss in 2022.
In March, the neobank unveiled Revolut Ramp, which allows users to buy and deposit crypto directly into MetaMask wallets.
Eric Johansson is DL News’ News Editor. Got a tip? Email at eric@dlnews.com.