Revenues from cryptocurrency trading have dried up at Revolut.
The UK’s flagship digital banking app features cryptocurrency trading tools which contributed 30-35% of its revenue in 2021, according to CEO Nikolay Storonsky.
He told Bloomberg TV that this proportion dropped to just 5% in 2022.
Storonsky described the drop as “quite sad from my point of view… I think crypto has a lot of potential for financial systems”.
However he said the company plans to continue to grow its crypto offering after increasing the number of tokens users can invest in through the app to 100.
Revolut, which has 20 million customers and 250m monthly transactions, recently also made it possible for users to pay for everyday purchases using their cryptocurrency balance.
It is not alone. Robinhood, a US-based crypto and stock trading platform, has reported a 12% fall in both crypto monthly active users and crypto revenue in Q3, with the latter at $51m.
It also said it would continue investing into the crypto space, including an international retail-focused wallet and NFT features.