Revolut Reports Over £1 Billion Profit Driven by Crypto Trading in 2024
Digital bank Revolut reported profits exceeding 1 billion pounds ($1.33 billion) in 2024, driven by a significant increase in cryptocurrency trading revenue.
- Wealth revenue surged 298% from 127,139 pounds to over 500 million pounds.
- Customer base surpassed 50 million for the first time, correlating with increased interest in crypto trading.
- Bitcoin's price rose over 120% during the year, influenced by the approval of spot bitcoin ETFs and political developments in the U.S.
- Other platforms like Coinbase and Robinhood also experienced growth due to crypto trading activities.
- Total revenue increased 72% from 1.8 billion pounds to over 3 billion pounds.
- Profits before tax grew nearly 150% compared to 2023.
Revolut previously benefited from a favorable crypto market in 2021, marking its first annual profit.
