Bitcoin-friendly startup Revolut abandons the Russian market

British fintech startup Revolut refused to enter the Russian market. The founder of the company Nikolai Storonsky said this in an interview with businessman Oleg Tinkov.

Storonsky explained the decision by a change in priorities. At the same time, the company will continue to expand its business in six countries, including India and China.

Opened in 2019, Revolut offices in Moscow and St. Petersburg will support the company’s business and are not associated with entering the Russian market.

“The company is profitable, even quite profitable,” added Nikolay Storonsky.

According to him, over the year, revenue has tripled, the number of customers has doubled, to 20 million people. Revolut is used by 8-9 million people monthly.

Storonsky estimated the value of Revolut in the range from $ 16.5 billion to 22 billion.Last year, this figure was at $ 5.5 billion .

Founded in 2015 by former Credit Suisse trader Nikolai Storonsky and ex-Deutsche Bank development specialist Vlad Yatsenko, Revolut startup issues cards with multiple currency accounts and offers currency conversion services without bank fees.

The Revolut app allows you to exchange fiat money for Bitcoin, Ethereum, Litecoin, Bitcoin Cash, XRP and Stellar.

In February 2020, Revolut abandoned plans to enter the Russian market indefinitely, deciding to focus on the Asian and North American markets.

In March of the same year, the startup entered the American market , and in September opened access to the exchange of cryptocurrencies to users from Australia .

In October, the startup became interested in obtaining a banking license in the United States .

In December 2020, Revolut added support for additional cryptocurrencies to the banking app : EOS, OMG Network, 0x and Tezos.

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