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Revolut is unleashing a new crypto push despite the turmoil in the industry

Revolut has announced a new foray into crypto, with 22 new tokens available to buy and sell on its app, bringing the number on offer to 82.

The digital bank with 20 million customers has launched the new investment options for customers in the UK and Europe. The new tokens include the Metaverse assets ApeCoin and Sandbox.

Emil Urmanshin, who leads the bank’s crypto operations, described 2022 as “another big year for crypto,” adding that the 22 new tokens represented a “huge boost” to the bank’s offering in the space.

It comes as large parts of the crypto industry continue to suffer the effects of a brutal market crash in recent months. Companies across the industry have shed thousands of jobs, while big players like lender Celsius and hedge fund Three Arrows Capital have gone bust.

READ Revolut expands into Buy Now, Pay Later section.

Meanwhile, retail investors, the target market for Revolut’s easy-to-access crypto trading feature, have been hit particularly hard. Bitcoin, the largest cryptocurrency, is trading around $23,000, down 51% year-to-date, while others have fallen further.

The crash was enough to prompt action from the Financial Conduct Authority, which has largely watched crypto from the sidelines for several years.

On August 1, the regulator released an update detailing guidelines to protect retail investors, such as: B. promoting caps on individual bitcoin holdings and restricting the marketing of cryptocurrencies.

In July, Revolut attempted to address the issue of investor protection by launching a selection of crypto education courses designed to help clients better understand the risks involved in investing, as well as how cryptocurrencies and blockchains actually work.

READ LSE boss: “It shouldn’t be easier to invest in crypto than in capital markets”

The courses use videos and infographics to share lessons on the topics. Clients can earn £14 crypto token DOT for completing all lessons, which is based on the Polkadot blockchain network that hosts the courses.

Revolut is still seeking permanent FCA authorization to offer crypto services in the UK and continues to operate with a temporary registry.

Of the 273 crypto firms that originally applied for full registration with the regulator, 35 were given the green light, but the rest eventually withdrew their applications.

The company’s head of global affairs, Deirdre Halligan, resigned in July. Halligan was responsible for overseeing his relationship with the FCA and all of his license applications.

Her departure comes weeks after Chief Executive Nikolay Storonsky criticized the regulator over an application process he saw as “slower than expectations”.

To contact the author of this story with feedback or updates, email Alex Daniel

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