Revolut Executive Quits Company to Establish New Crypto Startup

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Alan Chang, the Chief Rev­enue Offi­cer of Rev­o­lut, is report­ed­ly leav­ing the UK fin­tech com­pa­ny with plans to raise funds in the mil­lions of dol­lars for a new cryp­tocur­ren­cy initiative.

$100 Million in Funding for New Crypto Venture

Accord­ing to Bloomberg, Chang is set to leave Rev­o­lut after work­ing as one of the company’s exec­u­tives for near­ly sev­en years, as stat­ed by a spokesper­son of the firm. He joined Rev­o­lut in 2015 as its fifth employee.

Although the chief rev­enue offi­cer is depart­ing the fin­tech com­pa­ny, Chang is work­ing on devel­op­ing a cryp­to start­up. As revealed by anony­mous sources to Bloomberg, the exec­u­tive is seek­ing to raise $100 mil­lion. Mean­while, he has report­ed­ly also invest­ed his mon­ey, which the unmen­tioned sources say is in mil­lions of dollars.

An ear­li­er report by the Busi­ness Insid­er said that Chang is plan­ning to set up the new cryp­tocur­ren­cy ven­ture with for­mer Rev­o­lut employ­ee Charles Orr, who left the com­pa­ny in 2020. Chang described the ini­tia­tive as an “inter­sec­tion between renew­able ener­gy and Web3.”

“I want to build the largest econ­o­my in the world in the next 10 years. I also want to solve cli­mate change whilst at it.”

How­ev­er, the exec­u­tive did not give fur­ther details about the ven­ture. Mean­while, UK fil­ings reveal that Chang is list­ed as a direc­tor of a new com­pa­ny fol­low­ing his res­ig­na­tion from the same posi­tion in one of Revolut’s units back in Feb­ru­ary 2022.

Revolut’s Crypto Efforts

The news of Chang’s exit comes a few months after Rev­o­lut announced its inten­tion to launch a cryp­to token. As Cryp­toPota­to report­ed back in Sep­tem­ber 2021, sources said that the pro­posed cryp­tocur­ren­cy token would go live first in the Euro­pean mar­ket and oth­er non-US locations.

How­ev­er, the ini­tia­tive is sub­ject to the approval of the UK Finan­cial Con­duct Author­i­ty (FCA).

The Lon­don-based fin­tech com­pa­ny is no new­com­er to the cryp­tocur­ren­cy indus­try. Back in 2017, the com­pa­ny first announced sup­port for Bit­coin trad­ing and has since list­ed sev­er­al oth­er altcoins.

In April 2021, 11 new tokens were avail­able for trad­ing on the Rev­o­lut plat­form. Some of them include Uniswap (UNI), Car­dano (ADA), Loopring (LRC), and Syn­thet­ic (SNX).

Rev­o­lut also became the most valu­able fin­tech firm in the Unit­ed King­dom, after rais­ing $800 mil­lion in a fund­ing round led by Soft­Bank and Tiger Glob­al in July 2021. The new injec­tion of funds sky­rock­et­ed Revolut’s val­u­a­tion to $33 billion.

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