Revolut logo is seen in this illustration taken July 29, 2024. REUTERS/Dado Ruvic/Illustration
PARIS (Reuters) -British finance app Revolut has been granted a licence by Cyprus that will enable it to continue to target crypto-related services to grow its business, the company said on Wednesday, revealing that one fifth of its customers trade cryptocurrency.
Crypto has been one of the driving forces in the rapid growth of Revolut, which last month started a secondary share sale at a $75 billion valuation.
At least 14 million of Revolut's more than 65 million customers - 22% - are crypto users, which the company defined as users who have passed know-your-customer checks and been fully onboarded for crypto services.
Revolut said it had been granted a crypto licence by Cyprus's financial regulator which allows it to offer crypto services throughout the European Union.
The company had introduced crypto trading on its app in 2017, and a standalone crypto trading platform, Revolut X, in 2024. But under the EU's new crypto regulations, companies will need a licence to continue operating in the bloc.
Last year, revenue in the company's "Wealth" segment almost tripled, "driven by increased crypto trading activity as observed throughout the industry and the launch of the Revolut X crypto exchange," according to its annual report.
Cryptocurrency prices have surged in the past year, helped by U.S. President Donald Trump's support for the nascent industry, but regulators have long warned about a lack of protection for investors.
(Reporting by Elizabeth HowcroftEditing by Mark Potter)
