Revolut Building Cryptocurrency Exchange

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  • Revolut has advertised for an engineer to help it build a cryptocurrency exchange
  • The bank has been in crypto for many years, and such a move makes sens
  • Revolut has increased its crypto facilities in recent months

Revolut is looking to create its own cryptocurrency exchange, according to a job posting on LinkedIn. The bank, which has been offering cryptocurrency exchange facilities for several years, advertised a posting on its website for technical team leader to help them build out the exchange, following reports in September that it is planning to issue its own token. The platform has faced criticism in the past for the inability of users to withdraw tokens bought on the platform, but this was partially resolved in May.

Revolut Looks to Expand Crypto Offering

Revolut has supported the buying and selling of cryptocurrencies longer than many popular exchanges, but its restrictions have always ensured it remained a niche way of doing so. Revolut is able to set its own exchange rates and they have been criticized in the past for offering uncompetitive rates.

They also prevented users from withdrawing their coins from their Revolut wallet, illustrating that they were contracts for difference rather than pure cryptocurrency (much like PayPal), but this changed in May when they finally let users withdraw their coins.

Exchange News Follows Token News

The job posting states that the bank is looking for someone to lead a “technical team to architect and build Revolut Crypto exchange”, although few further details are given. It is known that Revolut plans to issue its own exchange token, which presumably will function much like regular exchange tokens and offer fee reductions and other incentives.

Revolut gained a U.S. crypto license in 2020 and such a move makes sense given that Revolut has a crypto-savvy base and the company is becoming a trusted name in the banking world.