The financial technology giant Revolut seems to be preparing to enter the cryptocurrency derivatives market, as a new job listing suggests plans to build this business from the ground up.
Recently posted for the position of "General Manager (Crypto Derivatives)" indicates that Revolut is actively recruiting talent in London, Barcelona, and Dubai. This role will be responsible for the full process of launching the derivatives platform, covering aspects such as product architecture, trading infrastructure, regulatory compliance, and business strategy.
According to the job listing, the goal is to create "one of the most trusted, scalable, and profitable derivatives services globally," leveraging Revolut's global user base of 50 million.
This move comes as Revolut continues to expand its cryptocurrency services. On May 19, the company announced plans to invest over €1 billion ($1.1 billion) in France and apply for a local banking license.
Cointelegraph has reached out to Revolut for comments, but has not received a response as of the time of publication.
It is worth noting that Revolut's strategic planning for cryptocurrency derivatives may conflict with current UK regulations. The UK's Financial Conduct Authority (FCA) banned the offering of cryptocurrency derivatives to retail users in 2021, citing significant risks for inexperienced traders.
Given the regulatory restrictions in the UK, the initial target market for Revolut's cryptocurrency derivatives business remains unclear. However, the job listing mentions that familiarity with EU financial market regulations would be an advantage. Dubai is also one of the potential markets, as its regulatory framework allows such services to be offered to retail users under appropriate licensing conditions.
"If Revolut targets the UK market, it will be extremely difficult to obtain regulatory approval unless the products are restricted to professional clients," said Daniel Arroche, a partner at blockchain law firm D&A Partners. "However, the likelihood of regulatory approval is greater in the EU or Dubai."
In 2024, Revolut obtained the long-awaited UK banking license, paving the way for the company to expand its lending services, including credit cards, buy now pay later products, and potential mortgage business.
Founded in 2015, Revolut is one of the first major fintech companies to embrace cryptocurrency, adding trading support in 2017. Since then, the company has continued to expand its range of cryptocurrency services.
In May 2024, Revolut launched Revolut X, a professional desktop cryptocurrency trading platform aimed at experienced traders. The platform offers trading services for 100 tokens, featuring low fees and real-time on/off-chain functionality, with plans to expand to mobile in 2025.
The company's cryptocurrency division has now become a significant source of total revenue. In 2024, the fintech giant's pre-tax profit grew from £438 million in 2023 to £1 billion ($1.3 billion), driven by rapid user growth and a recovery in the cryptocurrency trading market.
Related: Silk Road founder's belongings fetch $1.8 million in Bitcoin (BTC) auction
Original article: “Job Listing Shows: Revolut Plans to Enter the Cryptocurrency Derivatives Field”
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