This article comes fromBloombergBloomberg

Odaily Translator | Nian Yin Si Tang

, by Aisha S Gani

Odaily Translator | Nian Yin Si Tang

Revolut Ltd. plans to increase its cryptocurrency headcount by 20% over the next six months in Europe, the U.K. and the U.S., a bright spot in the current downturn for the digital asset industry and against the backdrop of a broader slowdown in hiring at tech firms Under rare signs of growth.

The London-based fintech firm is currently hiring for 13 roles focused on cryptocurrencies, including compliance and financial crime prevention, as well as software engineers and professionals with crypto industry experience in the legal field. The startup has already hired 43 crypto employees this year, tripling the team's headcount since July 2021. The company has more than 230 open positions across all teams.

“We see cryptocurrencies as a long-term strategy and continue to be bullish on the crypto industry,” said Emil Urmanshin, general manager of Revolut’s crypto business, adding that the business currently accounts for about 5% to 10% of Revolut’s global revenue.

Revolut’s move comes amid a series of bankruptcies and layoffs across the industry as crypto markets continue to slump. Coinbase Global Inc. laid off 1,100 workers in June, or about 18% of its workforce, as the "encryption winter" looms. It follows similar layoffs across the industry, including at Bitpanda, Crypto.com, Gemini Trust Co. and BlockFi Inc. Hiring has also slowed at big tech companies including Apple Inc., Alphabet Inc.'s Google and Twitter Inc.

Revolut is one of Europe's best-known fintech startups, and the hire will help the company continue to expand its cryptocurrency business. The financial “super app” recently announced that it will add 22 new tokens to its platform, bringing the total number of supported virtual currencies to more than 80, including APE and two DeFi tokens.

Launched in 2015, Revolut has become popular with European consumers for its easy-to-use app and connected debit card that allows users to spend in different currencies at interbank rates with little or no fees. The company has since expanded its offerings to include business checking accounts, stock trading, pet insurance and travel.

While Revolut's flagship foreign exchange service has taken a hit during the COVID-19 pandemic, the company's stock and crypto trading has done well due to travel restrictions and reduced spending.

According to Revolut, between July 2020 and July 2021, the number of UK customers buying cryptocurrencies increased by more than 290%, while the number of transactions they made increased by more than 800%. Growth in the number of UK customers buying cryptocurrencies has slowed since the lockdown was lifted, rising by 30% between July 2021 and July 2022. During the period, the number of deals grew by more than 50%, the company said.