Nikolai Storonsky, a former Credit Suisse trader, received $ 66 million from investors, particularly Index Ventures, to help his two-year-old start-up grow and enable cryptocurrency trading. He also plans to receive another $ 5 million in crowdfunding this month.
The name of the company is Revolut, and Storonsky founded it two years ago and earns money from ATM withdrawals and store-paid business expenses. Starting next week, the company will be able to save, exchange, spend and transfer virtual currencies such as Bitcoin, Litecoin and Ethereum for free, and benefit from the price difference between sales and purchases.
“Adding cryptocurrencies and buying and selling them is a big step forward for a financial institution,” he said. “Big banks are watching us and learning from us about the services they will provide in the future, albeit very slowly.”
The cryptocurrency market has lost about a third of its market value since its peak in early June, leading to what traditional stock market analysts call the “bear market.” Bitcoin, the largest digital currency, fell about 20% from its peak of $ 3,000 by June 12. Smaller digital currencies, such as ether, have experienced larger declines.
Revolut, which now has about 140 employees in London, Krakow and Moscow, plans to set up offices in New York and Singapore and hire 20 new staff.
Source : Iran Blockchaink Laboratory