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Fintech Heavyweights Revolut, Robinhood Gun for More Crypto Gains

Tim Alper
Last updated: | 2 min read

Major fintech players are stepping up their crypto game in an apparent bid to attract new customers to their platforms, with the UK-based Revolut adding support for 11 additional coins, including cardano (ADA) and decentralized finance (DeFi) offerings like uniswap (UNI) – and the USA-based Robinhood embarking on a new crypto recruiting drive.

Source: AdobeStock / Serg Zastavkin

Revolut, which operates a neobank, savings vaults, prepaid debit card, and money transfer services in the UK, has previously opened a crypto exchange platform, with support for bitcoin (BTC), as well as major altcoins like litecoin (LTC), ethereum (ETH) and bitcoin cash (BCH).

But in a recent post, it claimed that demand had been high for the addition of more coins, so had decided to deliver.

In addition to ADA and UNI, the platform will also list YFI, the native token of the Yearn Finance DeFi initiative, as well as the synthetix (SNX), uma (UMA), bancor (BNT), filecoin (FIL), numeraire (NMR), loopring (LRC), orchid (OXT), and the graph (GRT) tokens.

Except for filecoin and cardano, which operate on their own blockchain networks, the remainder are built on the Ethereum blockchain.

The company teased further crypto adoption ahead in what it called “Revolut’s year of crypto.” In a blog post, it said that 2021 would be “a whole year to bring you new features, new tokens and a few other surprises along the way.”

Crypto business appears to be booming at Robinhood. Despite a controversial past few months on its core stock trading business front, the company’s app has seen a x6 rise in the number of users of its Robinhood Crypto services in the first quarter of the financial year. Reuters reported that 9.5 million users have made trades on the firm’s app.

The company has previously announced that it wants to add crypto deposits and withdrawals for transfers to other wallets in the future.

And in a blog post of its own, the firm stated that it was looking to fill “open roles” as it expands its crypto team.

Three types of open position are listed on a designated careers page, namely account servicing-, trading & settlement-, and risk-specializing Crypto Operations team workers.

The company wrote,

“Since the beginning of the year, Robinhood’s crypto team has already more than tripled and we’re continuing to grow. We’ve hired amazing people across engineering, security, and compliance to help us scale and build crypto withdrawals and deposits quickly and safely.”

Robinhood added that its founders are “fascinated by blockchain technology” and “the promise it [holds] in democratizing access to global payments.” Crypto’s promise of an “open and decentralized global financial system,” is “strongly aligned with Robinhood’s mission,” the company claimed, adding that “democratizing cryptocurrency trading felt like a natural next step.”


Learn more:
PayPal, Square, Revolut, and Robinhood: A Crypto Comparison
Revolut Makes Major Crypto Changes, Hints New ‘Cool Features’ (UPDATED)
Revolut Brings Bitcoin Without Private Keys to 10m+ Users
‘Crypto-Friendly Bank’ Blocked Your Money? Good Luck Recovering It
Robinhood Now Limits Crypto Trading Too
Elon Musk Just Asked Robinhood CEO These Questions – Here Are His Answers
A Reddit Army Blurs The Line Between Crypto and Traditional Finance
DeFi ‘Genie Is Out’ and Is Set For Growth in 2021