HomeCoinsEthereum (ETH)Revolut’s prospects held greater than $120 million value of cryptocurrencies in 2019

Revolut’s prospects held greater than $120 million value of cryptocurrencies in 2019

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European fintech unicorn Revolut’s crypto enterprise seems to be booming. Its prospects held £93.three million (~$121 million) value of crypto belongings on the finish of 2019, the corporate revealed in its 2019 annual report printed on August 10.

A Revolut spokesperson individually confirmed the numbers to The Block. The 2019 determine is 152% greater than the 2018 variety of £37.1 million (~$48 million), which means Revolut’s prospects held extra crypto belongings final 12 months.

It isn’t clear which cryptocurrencies Revolut’s prospects held essentially the most, the spokesperson declined to supply particulars. Revolut at the moment helps six cryptocurrencies by way of its investing app — Bitcoin (BTC), ether (ETH), XRP, bitcoin money (BCH), litecoin (LTC) and Stellar Lumens (XLM).

It stays unclear how a lot Revolut’s prospects at the moment maintain in crypto belongings, the spokesperson declined to supply 2020 figures. However the startup’s crypto enterprise seems to have elevated, as Revolut famous within the annual report: “Some merchandise, resembling crypto buying and selling, have been positively impacted by COVID-19 within the brief time period.”

‘Intangible belongings’

Revolut recognises prospects’ crypto belongings as “intangible belongings,” per U.Okay. accounting requirements. “Cryptocurrencies are recognised at truthful worth utilizing the revaluation mannequin. Accordingly, an impairment loss on an asset that was not beforehand remeasured is recognised in revenue or loss,” Revolut mentioned within the annual report.

Whereas Revolut presents prospects the flexibility to buy cryptocurrencies by way of its app, the corporate itself owns cryptocurrencies, as famous within the annual report. “The cryptocurrencies are held in belief with a professional custodian, a cryptocurrency pockets supplier, or with one among two foreign money exchanges and might be in both ‘scorching’ (linked to the web) or ‘chilly’ (not linked to the web) wallets. Revolut takes the safety of the cryptocurrency extraordinarily significantly and has strong methods in place to forestall unauthorised entry,” the corporate mentioned within the report. 

Revoluts customers held more than 120 million worth of cryptocurrencies

Revolut was launched in 2015 and began providing crypto companies in December 2017, when bitcoin was at an all-time excessive of $20,000. Revolut at the moment has almost 13 million retail prospects, per the annual report.

Revolut lately mentioned that its lively crypto clientele in Europe is above 1 million. Final month, the corporate additionally launched its crypto service within the U.S., by partnering with Paxos Crypto Brokerage. A number of U.S. fintech corporations already present crypto companies, together with Sq.’s Money App and SoFi. PayPal can be reportedly working with Paxos on the launch of a crypto service.

Whereas Revolut’s crypto enterprise seems to be doing properly, the corporate stays a loss-making agency. Revolut’s internet loss tripled in 2019 to £106.5 million ($139.6 million) as in comparison with from £32.9 million ($42.7 million) in 2018. That was regardless of Revolut’s revenues surging 180% to £162.7 million ($221.6 million) in 2019 as in comparison with £58.2 ($75.7 million) in 2018.

© 2020 The Block Crypto, Inc. All Rights Reserved. This text is supplied for informational functions solely. It isn’t provided or supposed for use as authorized, tax, funding, monetary, or different recommendation.



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