Fintech Firm Revolut Unfazed By Bear Market, Hires 20% More Crypto Talent

Fintech company Revolut continues its cryptocurrency campaign with intentions to boost its digital currency team by 20%, undeterred by the bear market’s continuous fragility.

Across the next six months, the British fintech startup wants to expand its crypto-focused employees in the United States, the United Kingdom, and Europe.

The fintech company is seeking 13 posts connected to cryptoassets, including computer programmers and financial compliance and crime prevention specialists.

UK Fintech Revolut On Hiring Spree

Revolut has 230 vacant roles across multiple divisions and works as a cryptocurrency trading platform that trades more than 80 coins.

Revolut debuted in 2015 and is marketed as a low-cost and user-friendly platform. Between July 2020 and July 2021, the number of persons purchasing cryptocurrencies in the United Kingdom surged by 290 percent, based on recent data.

In July of this year, it grew by another 30 percent. Revolut was valued at $33 billion in July of last year, making it the most valuable fintech enterprise in the United Kingdom.

According to Emil Urmanshin, the general manager of crypto at Revolut:

“We view crypto as a long-term investment and remain enthusiastic on the market… crypto accounts for 5-10% of the company’s global revenue.”

In June of this year, the total market capitalization of the cryptocurrency market decreased by around 12 percent, to just $980 billion. Since its apex in November 2021, the industry as a whole has suffered losses of more than $2 trillion.

Image: Financial News London

Revolut Hires While Others Terminate

Revolut distinguishes itself from competitors such as Coinbase and OpenSea, which were forced to lay off 18 percent and 25 percent of workers, respectively, as a result of the bear market’s severe impact on operations.

Both companies admitted to having overhired last year when their trading activity was stronger.

Binance, the largest cryptocurrency exchange in the world, acted cautiously during the bull market in anticipation of a market correction. In June, chief executive Changpeng Zhao said that the company has job openings for more than 2,000 individuals.

Investor broker application Robinhood just reported a 23 percent cut in workforce, following a 9 percent cut in April, blaming crypto bear market troubles and inflation.

Gemini, Coinbase, OpenSea, and Crypto.com have also announced significant price reductions in response to the continuous price decline.

In addition to Revolut, big cryptocurrency exchanges Kraken, FTX, and Binance are hiring.

“Despite the volatility, demand in crypto assets has surged, and we have more customers trading crypto than we did in July 2021,” said Urmanshin.

Crypto total market cap at $1.06 trillion on the daily chart | Source: TradingView.com

Featured image from Freepik, chart from TradingView.com