According to recent reports, Revolut, a secure, mobile-based current account that allows you to hold exchange and transfer without fees in 25 different currencies, has seen a rise in valuation to $1.7 billion after the inclusion of digital currencies in its framework.
In December 2017, the fintech firm initiated the use of virtual currencies for its clients. Initially, it allowed users to buy and sell through established digital currencies like ether, litecoin, and bitcoin.
It’s only been a few months since Revolut added the use of virtual coins into its business and the valuation of the company has jumped from $400 million last year to $1.7 billion this year. The customer base of the company has also skyrocketed with 1.7 million clients as of now.
As per reports, the newly born fintech firm was about to secure a deal of $70 million in its funding round with VC firms like Ribbit Capital and London VC Index Ventures.
Nikolay Storonsky, CEO Revolut, said, “We are on track to break-even by November as we continue to optimize our costs and infrastructure, and add further lines of revenue to the product.”
It should also be noted that it was able to raise $250 million from numerous other firms like DST Global, a VC firm owned by Russian big whale, Yuri Milner. These deals have pushed Revolut’s raised capital to a total of $340 million.
Meanwhile, Storonsky has stressed that his company’s primary objective is growth rather than profitability. The extra funds collected from numerous firms will be sued to expand the operations to Singapore, Australia, Canada, United States and Hong-Kong.
The company will also be enlarging its workforce to 800 employees in the upcoming months while focusing more on designers and engineers.
On the other hand, the European fintech space has been dominated by TransferWise for some time now, with a valuation of $1.6 billion. Just like Revolut, TransferWise provides low fees and superfast confirmation time for bank payments on its platform. But, with the integration of blockchain-based virtual currencies, it has been able to surpass TransferWise’s valuation by $100 million.
As per BTCManager, on January 29,2018, Nasdaq announced its intentions of developing its own bitcoin futures trading but in a never seen before style, unlike CBOE and CME.
Adena Friedman, the CEO of Nasdaq, on April 25, 2018, said that Nasdaq “would consider becoming a cryptocurrency exchange over time. I believe that digital currencies will continue to persist it’s just a matter of how long it will take for that space to mature. Once you look at it and say, ‘do we want to provide a regulated market for this?’ certainly Nasdaq would consider it.” He added, “I believe that digital currencies will continue to persist it’s just a matter of how long it will take for that space to mature.”
The crypto community is evolving with each passing day and has been a popular entity among investors. With more favorable regulations, institutional investors are deemed to fund in digital currencies. It won’t be surprising to see digital currencies and the underlying blockchain technology ruling the next generation world.