Major European fintech firm Revolut is teaming with Ethereum scaling network Polygon to power crypto remittances and stablecoin payments via the Revolut app, the network announced on Tuesday.  First integrated last December, the network has facilitated more than $690 million in trading volumes via Revolut thus far.  "This integration with Revolut represents exactly the kind of real-world utility for everyday people we've been building toward," said Polygon Labs CEO Marc Boiron, in a statement. "By making bl ...

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].