Today in crypto, a new job listing from Revolut suggests it could be planning to build a crypto derivatives business from scratch, Robinhood has acqui
Today in crypto, a new job listing from Revolut suggests it could be planning to build a crypto derivatives business from scratch, Robinhood has acquired Bitstamp for $200 million, and the US Securities and Exchange Commission (SEC) was slammed for its new guidance on crypto staking.
Revolut eyes crypto derivatives push, job listing suggests
Fintech giant Revolut appears to be gearing up for a move into the crypto derivatives market as a new job posting hints at plans to build the business from scratch.
A recent listing for a “General Manager (Crypto Derivatives)” role shows that Revolut is actively recruiting in London, Barcelona and Dubai. The position would oversee the end-to-end launch of the derivatives platform, from product architecture and trading infrastructure to regulatory compliance and commercial strategy.
According to the listing, the goal is to create “one of the most trusted, scalable, and profitable derivatives offerings in the world,” leveraging Revolut’s 50 million-strong global customer base.
The move comes as Revolut continues to expand its crypto offerings. On May 19, the company announced plans to invest more than 1 billion euros ($1.1 billion) in France and apply for a local banking license.
“We can confirm we’re hiring to expand our expertise in crypto products and services across several markets, particularly for institutional clients but we’re in the early stages of recruitment and don’t have additional details to share at this time,” a Revolut spokesperson told Cointelegraph.
“These job listings reflect our ongoing exploration and consideration of future opportunities, rather than a confirmation of imminent product launches,” they added.
Robinhood acquires Bitstamp for $200 million
Robinhood Markets, Inc. said on June 2 that it closed a $200 million acquisition of Luxembourg-based crypto exchange Bitstamp, adding over 50 licenses and registrations and an established institutional client base to its crypto business.
Robinhood paid in cash for the world’s longest-running crypto exchange and said the deal was unchanged from an initial agreement in June 2024.
Bitstamp has over 5,000 institutional clients and 50,000 retail customers, with most of its trading volume driven by its institutional base and Robinhood said that the acquisition significantly expands its crypto footprint beyond the US into the European, UK and Asian markets.
Shares in Robinhood (HOOD) closed June 2 trading up 2.77% to $67.98, with gains extending by 0.44% in after-hours.
Robinhood Crypto general manager Johann Kerbrat said on CNBC that the company hasn’t ruled out other crypto-related acquisitions.
It comes after Robinhood agreed on May 13 to acquire Canadian crypto platform WonderFi for approximately $179 million as part of a move to strengthen its presence in Canada.
SEC faces criticism over crypto staking shift
The US Securities and Exchange Commission (SEC) is facing mounting criticism from current and former officials over its evolving stance on crypto staking services.
On May 29, the SEC’s Division of Corporation Finance issued new guidance on crypto staking services, claiming that certain offerings may not constitute securities and effectively exempting proof-of-stake blockchains from registration requirements under the Securities Act.
However, the SEC’s fresh interpretation may diverge from several federal court rulings, according to former SEC chief of Internet Enforcement, John Reed Stark.
In a statement on X, Stark argued the Commission’s latest move contradicts judicial findings in high-profile cases against crypto exchanges Binance and Coinbase, where judges previously allowed allegations that staking products qualified as securities under long-standing legal precedent.
“This is how the SEC dies – in plain view,” Stark wrote in a lengthy response to the agency, calling the shift “a shameful abdication of its investor protection mission.”
Sitting Commissioner Caroline Crenshaw also issued a statement on May 29 in response to the agency’s approach to crypto staking, warning that the staff’s conclusions did not align with established case law or the Howey test.
cointelegraph.com