PARIS, Oct 23 (Reuters) – British financial app Revolut has obtained a license from Cyprus that will allow it to continue targeting crypto-related services to grow its business, the company said on Wednesday, revealing that a fifth of its customers trade cryptocurrencies.
Crypto has been a driving force behind the rapid growth of Revolut, which last month launched a secondary sale of shares at a valuation of $75 billion.
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At least 14 million of Revolut’s more than 65 million customers – 22% – are crypto users, which the company defined as users who have passed know-your-customer checks and have been fully onboarded into crypto services.
Revolut said it has obtained a crypto license from the Cypriot financial regulator which allows it to offer crypto services across the European Union.
The company had introduced crypto trading on its app in 2017 and a standalone crypto trading platform, Revolut X, in 2024. But under new EU crypto regulations, companies will need a license to continue operating in the bloc.
Last year, revenue in the company’s Wealth segment nearly tripled, “driven by increased cryptocurrency trading activity seen across the industry and the launch of cryptocurrency exchange Revolut X,” according to its annual report.
Cryptocurrency prices surged last year, helped by U.S. President Donald Trump’s support for the nascent industry, but regulators have long warned of a lack of investor protections.
Reporting by Elizabeth Howcroft Editing by Mark Potter
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Elizabeth Howcroft reports on finance and technology, including Europe’s fintech and cryptocurrency industry. She was part of the team that won a Loeb Award and a SABEW Award for covering the 2022 collapse of crypto exchange FTX.
