Several businesses in the cryptocurrency sector are currently dealing with challenges like liquidations and decreased customer participation. In these conditions, Blackrock made the significant decision to formally enter the cryptocurrency industry. The stock market responded favourably to the news, and COIN shares briefly increased by about 40%.
Continued Revolut Crypto Expansion
Revolut, a fintech business, is still offering bitcoin services despite just receiving approval to do so in Singapore. The business announced on Thursday that it intends to expand its workforce in order to further expand its crypto services. A report claims that the corporation wants to hire 20% more people in the crypto industry. Over the following six months, the hirings may help Revolut's teams across Europe, the UK, and the US. This is especially encouraging for the cryptocurrency community, given the market climate is still gloomy. Recently, numerous businesses announced layoffs while others put a halt to fresh hiring initiatives.
Revolut is to hire for positions in the advertising, compliance and financial crime prevention, and legal teams to supplement its 43-person crypto-related staff. The hiring will probably aid Revolut in increasing the variety of cryptocurrencies it offers. Revolut sees cryptocurrencies "as a long-term bet and remain bullish on the crypto business," according to Emil Urmanshin, general manager of the company's crypto division. According to him, the cryptocurrency industry currently contributes between 5 and 10 percent of Revolut's overall revenue.
Crypto Offerings Are Increasing
The company has recently been growing its selection of cryptocurrencies. There are already more than 80 virtual currencies available on it. According to the article, Revolut added up to 22 additional tokens to its platform on Wednesday. Revolut's crypto-related customer base increased by over 290 percent in the previous year.
Revolut's bitcoin service is not currently subject to Financial Conduct Authority regulation in the UK (FCA). After gaining interim permits, the fintech startup is awaiting permission for permanent registration.
