Fintech Firm Revolut Unfazed By Bear Market, Hires 20% More Crypto Talent. Revolut, a fintech startup, is unfazed by the bear market’s ongoing fragility and continues its cryptocurrency campaign to increase its digital currency team by 20%.
The British finance business plans to hire more crypto-focused personnel in the US, UK, and Europe over the next six months.
The fintech startup is hiring for 13 positions involving cryptoassets, including computer programmers, financial compliance experts, and crime prevention professionals.
UK Fintech Revolut On Hiring Spree
Revolut is a cryptocurrency trading platform that trades over 80 coins and has 230 open positions across several divisions.
Revolut debuted in 2015 and markets itself as a user-friendly and affordable platform. According to current data, the number of people buying cryptocurrencies in the United Kingdom increased by 290 per cent between July 2020 and July 2021.
It added another 30% to its growth in July of this year. The most valuable fintech company in the UK, Revolut, was valued at $33 billion in July of last year.
The market capitalization of all cryptocurrencies fell to $980 billion in June of this year, a decline of almost 12%. The industry has experienced losses of more than $2 trillion since its peak in November 2021.
Revolut Hires While Others Terminate
Revolut sets itself apart from rivals like Coinbase and OpenSea, which were forced to fire 18% and 25% of employees due to the bear market’s severe effects on business operations.
Both businesses acknowledged that they employed too many people the previous year when business was booming.
In preparation for a market drop, Binance, the biggest cryptocurrency exchange in the world, exercised caution during the bull market. The corporation has over 2,000 unfilled positions, according to Changpeng Zhao, chief executive, who made this statement in June.
Application for a broker-investor Inflation and the cryptocurrency bear market are to blame for Robinhood’s recent 23 per cent employee reduction, which follows a 9 per cent reduction in April.
Gemini, Coinbase, OpenSea, and Crypto.com have announced sizable pricing reductions in response to the ongoing price decrease.
Large cryptocurrency exchanges Kraken, FTX, and Binance are hiring in addition to Revolut.
“Despite the volatility, demand for crypto assets has surged, and we have more customers trading crypto than we did in July 2021,” added Urmanshin.