Revolut breaks even for 1st time from adding crypto trading to platform

Revolut, a financial technology firm based in London, broke even in December for the first time after it launched a service for converting and holding cryptocurrencies. The company says it added 500,000 customers in the past two months, bringing the total to 1.5 million.

The nearly three-year-old firm began offering bitcoin and litecoin in early December. Revolut said it’s also growing because of new products like geolocation travel insurance. It has 350,000 daily active users and more than 800,000 monthly active users. (Six months ago, those figures were 100,000 and 600,000, respectively.)

Revolut says its customers’ cryptocurrency is held offline, known as cold storage, citing security reasons.

Revolut says it’s signing up as many as 8,000 new customers each day and is preparing to expand in the US, Australia, and Singapore, with talks underway from India to South Africa.


Write: Sara Bauer


 

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