Revolut CEO Plans to Sell Stake in $500M Share Sale
Revolut CEO, Nikolay Storonsky, is looking to sell a portion of his stake in an upcoming $500 million share sale, adjusting his investment in the fintech giant.
Storonsky to Sell Part of Stake in Revolut
The final number of shares to be sold will depend on the valuation Revolut attracts from new investors, as well as the decisions made by the company and its advisors.
- The company aims for a $40 billion valuation for the share sale.
- Revolut recently engaged Morgan Stanley to oversee the sale, with a minimum valuation target of $33 billion.
New Crypto Platform Launched for UK Retail Users
On May 7, 2024, Revolut introduced Revolut X, a new platform geared towards UK retail customers, aiming to compete with top crypto exchanges by providing over 100 token trades with low fees.
- Initially targeted at professional traders, Revolut X simplifies the process of buying and selling cryptocurrencies and offers competitive transaction fees.
- The platform currently supports assets available on the regular Revolut retail app, such as Bitcoin, Ethereum, and XRP, with plans for further expansion.
- UK retail customers can access Revolut X using their existing login credentials.
Leonid Bashlykov, Head of Crypto Exchange Product at Revolut, expressed excitement about the new crypto platform, emphasizing its benefits for experienced traders.
Revolut has been actively enhancing its crypto services, including the introduction of Revolut Ramp and a temporary pause in crypto trading for UK business clients due to regulatory changes.
Hot Take
Revolut’s CEO’s decision to sell part of his stake in a $500 million share sale indicates a strategic move to adjust his investment in the company. The introduction of Revolut X, a new crypto platform for UK retail users, showcases the firm’s commitment to expanding its offerings and enhancing the trading experience for customers. Stay tuned for more updates on Revolut’s developments in the crypto space.
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