London-based startup Revolut has gone from crypto providing up to 30% of its revenue stream in 2021, to less than 5% in the current crypto winter.
Crypto investment continues
Revolut’s founder and CEO Nikolay Storonsky said that he was sad to see that his company’s crypto revenue stream had almost dried up. It is now less than 5% of all revenues but Storonsky said that his company still wanted to invest in crypto given that it has “a lot of potential for financial systems”.
Storonsky’s words were quoted in a Bloomberg article earlier where he stated “We continue to invest in crypto”. Revolut has improved its cryptocurrency services for customers, and according to its CEO it is getting closer to receiving a banking licence in the UK after years of waiting.
The digital bank founder said that in spite of the crypto downturn his company would not necessarily cut costs in order to cope with the economic downturn. He said that Revolut is still making a gross profit.
Bitcoin price action following FOMC meeting
At the time of going to press Bitcoin is suffering some huge volatility. The FOMC meeting has just taken place and the expected 75 basis point rise has been announced.
In just the last hour the number one cryptocurrency has been down to $20,100, and has also risen to test $20,800. Where the market goes over the rest of the week is anyone’s guess.
Revolut will be hoping that the impetus is upwards given that this is the only way that retail investors will return to the platform. Should it be more downwards price action then it may be some months before interest in crypto returns.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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