Revolut looking to develop its own crypto exchange
Revolut, one of the largest trading platforms in Europe, has signaled its intentions for developing a crypto exchange of its own as it has put up a job posting looking for a tech lead for the exchange development.
Revolut has been slowly and steadily moving into the crypto space as it has recognized that the volatility of these instruments is likely to attract a lot of trading volumes and with the volumes reducing for other instruments, traders have continued to pile into cryptos and its popularity has been rising over the last 2 years. This has forced trading platforms to quickly pivot their offerings and Revolut has been quick to do so by offering crypto trading and also planning to introduce its crypto tokens shortly as well. The development of the crypto exchange seems to be a new plan but considering that it is a trading platform that has a massive reach, it makes sense for it to build a crypto trading platform as well.
The new job posting has called for a tech lead to developing a crypto exchange and for someone who has more than 7 years of experience in the tech field and who has very good experience with building matching engines and with leading large tech teams as well. It could be looking to develop this platform during 2022 which will add to the many exchanges that are already established in different parts of Europe. It remains to be seen what kind of exchange it would be and whether it would be centralized or decentralized.
Being a licensed entity, this new platform is likely to come under scrutiny from the regulators in the UK and like Coinbase in the US, it could find that some of its products may not find favor with the authorities. With increased regulations expected in the future, Revolut would be looking to work with the various regulators in different parts of Europe and also in the UK to make sure that its products are in conformance and this will give great confidence to the 16 million users that are on its platform to trade more of crypto without the threat of getting shut down, unlike Binance which has been facing a lot of trouble with the authorities across the UK and European region.