Fintech Revolut continues its cryptocurrency campaign with the goal of boosting its digital currency team by 20%, without being discouraged by the fragility of an ongoing bear market.
Over the next six months, the British fintech startup wants to expand its crypto-focused staff in the US, UK and Europe.
The fintech company is seeking 13 jobs related to crypto assets, including computer programmers, financial compliance and crime prevention specialists.
UK fintech revolution around speedy hiring
Revolut has 230 vacancies across multiple divisions and operates as a cryptocurrency trading platform that trades in more than 80 coins.
Revolut debuted in 2015 and is marketed as a low-cost and easy-to-use platform. Between July 2020 and July 2021, the number of people buying cryptocurrency in the UK increased by 290 percent, based on recent data.
In July of this year, it grew another 30 percent. Revolut was valued at $33 billion in July of last year, making it the most valuable fintech institution in the UK.
According to Emil Urmanchen, General Manager Cryptocurrency at Revolut:
“We view cryptocurrencies as a long-term investment and remain excited about the market… Cryptocurrency accounts for 5-10% of the company’s global revenue.”
In June of this year, the total market capitalization of the cryptocurrency market fell by about 12 percent, to just $980 billion. Since its peak in November 2021, the industry as a whole has lost more than $2 trillion.
Image: Financial News London
Revolut hires while others finish
Revolut differentiates itself from competitors such as Coinbase and OpenSea, which have been forced to lay off 18 percent and 25 percent of workers, respectively, as a result of the severe impact of the bear market on operations.
Both companies admitted to hiring last year when their business was stronger.
Binance, the world’s largest cryptocurrency exchange, has been cautious during a bull run in anticipation of a market correction. In June, CEO Changpeng Zhao said the company has job opportunities for more than 2,000 individuals.
Investor broker app Robinhood just announced a 23 percent cut in its workforce, after a 9 percent cut in April, and blamed the cryptocurrency’s bear market and inflation problems.
Gemini, Coinbase, OpenSea, and Crypto.com have also announced significant price cuts in response to the ongoing price drop.
In addition to Revolut, large crypto exchanges employ Kraken, FTX, and Binance.
“Despite the volatility, the demand for crypto assets has increased, and we have more clients trading cryptocurrencies than we did in July 2021,” Urmanchen said.
Crypto total market cap at $1.06 trillion on the daily chart | Source: TradingView.com Featured image from Freepik, chart from TradingView.com