UK challenger bank Revolut is scaling up its involvements in digital currencies after advertising a job for a lead tech who will be in charge of developing a cryptocurrency exchange.
According to the job posting, the successful candidate should have at least seven years of experience in establishing matching engines and leading large tech teams.
Interestingly, the job description indicates that the candidate should have a ‘genuine interest in the crypto industry.’
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Although Revolut has been increasingly adding cryptocurrencies to its platform, the company did not provide further information on whether the exchange will be centralized or decentralized. Furthermore, it’s unclear if a possible Revolut exchange will be available on the parent app or a different platform.
The hint about Revolut’s possible exchange emerged in September after the company was reportedly intending to launch its token. Source privy to the matter indicated Revolut seeks to launch an exchange token like Binance’s BNB.
Regulatory scrutiny challenge
However, both products will have to undergo scrutiny from Britain regulators. Notably, the country’s regulator, the Financial Conduct Authority, has recently accelerated its mandate in cracking down on crypto-related businesses.
Furthermore, with the regulatory environment taking shape globally, Revolut will have to engage various countries to expand its product.
Revolut already offers banking services to its 16 million users through its flagship mobile app and allows customers to buy and sell cryptocurrencies.
The company that recently expanded into the United Stated also launched fee-free cryptocurrency trading for up to $200,000 in a bid to establish its base in the competitive market. The platform currently offers Bitcoin, Bitcoin Cash, Litecoin, and Ethereum as the lead cryptocurrencies.
Revolut launched in the U.S. amid the coronavirus pandemic, and the company showed the intention to leverage on the growing crypto space after paying its rent in Bitcoin for the WeWork office space.
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