In accordance with the report released on June 21, Revolut, the startup based in London held over $742 million worth of cryptocurrencies on behalf of its customers at the terminal of the fourth quarter of the year 2020. As revealed by the firm on Monday, the financial results display a 57% uptick in the annual revenue a majority of which came from the United Kingdom.
Revolut Held Over $742M Worth of Cryptocurrencies in the Fourth Quarter of 2020
Back in the month of December of the year 2017, which is considered the peak of the earlier bullish trend, the London-based startup Revolut added digital asset trading.
In addition to this, it should be noted that apart from the United Kingdom, the financial results of the firm with the United States and other major markets had a negligible effect on the bottom line.
Moreover, in order to bring the service to the United States, the mobile banking startup joined hands with Paxos, a regulated crypto firm back in the month of July of the year 2020.
However, it should be noted that the boom in the crypto market assisted Revolut in a breakthrough in the fall driven by COVID-19 in card transactions.
The Focus on Diversification in Income Streams
The Non-executive Chairman of the firm, Martin Gilbert said that the firm is at present devoted to diversifying its income streams and added:
“We increased our efforts to diversify our revenues, reducing the reliance on interchange and international travel and developing tools and services to facilitate consumer adoption of digital financial management.”
Well, regardless of everything else, Revolut did face a lot of losses that managed to reach a point of $280 million in the year 2020, with the directorial exorbitant being completely responsible for the major share of the sum that has already been mentioned in the article.