Revolut gets Cyprus crypto licence as it targets more users

Core Insights - Revolut has received a crypto license from Cyprus, allowing it to expand its crypto-related services across the European Union, with 20% of its customers engaged in cryptocurrency trading [1][2]. Company Overview - Revolut has over 65 million customers, with at least 14 million (22%) identified as crypto users who have completed the necessary onboarding for crypto services [2]. - The company introduced crypto trading in its app in 2017 and plans to launch a standalone crypto trading platform, Revolut X, in 2024 [3]. Financial Performance - The "Wealth" segment of the company saw revenue nearly triple last year, attributed to increased crypto trading activity and the upcoming launch of the Revolut X crypto exchange [3]. Market Context - Cryptocurrency prices have experienced significant growth over the past year, influenced by political support, although regulatory concerns regarding investor protection persist [4].