Alan Chang, chief revenue officer at Revolut, is joining a crypto startup and looking to raise finance of about $100 million for the new venture with future token offers to early backers. Bloomberg reports he is exiting Revolut after about seven years amid millions of dollars invested in the new segment.
Revolut spokesperson said Chang has been with the company from day one and helped in shaping the company's product as well as the team. They wish him success in the crypto industry.
Chang joined Revolut in 2015 and was the fifth employee. He paved the path of growth for the company which is now valued at $33 billion. He stepped down from the director chair in February and became the director of Fuse Supply Limited. With his shift, he became the latest executive to join crypto and turn back on traditional finance.
It is simultaneously reported, Alex Kriete, who heads the digital assets of the Citi Group, may quit the bank and join a new crypto venture.
London Metal Exchange CEO Matthew Chamberlain left his position to join a new crypto venture named Komainu, which safeguards cryptos worth of $5 billion for clients. The company was founded in 2018 and it is a joint venture between Coinshares and Ledger.
Chamberlain said the hybrid servicing model of the company is equipped with a combination of both decentralized as well as traditional finance. It is a natural evolution of the industry.
Former chancellor Philip Hammond joined Copper last year and it was a signal to the industry about a collision of decentralized and traditional finance.
The exchange witnessed a turbulent year lately and relations with brokers turned unfavorable due to modernization plans that led to shutting down the trading floor. Chamberlain said the crypto segment is playing an important role in democratizing finance.
Revolut was founded in July 2015 by Vlad Yatsenko and Nilolay Storonsky. It s headquartered in London and the key people are CTO Vladyslav Yatsenko and CEO Nikolay Storonsky. Its primary products include current accounts, stock trading, debit cards, Forex, insurance and currency exchange.
The British fintech company has expanded its business in Japan and the employee strength has jumped from 1,500 to 5,000. With a 4.2 billion pounds valuation, it is one of the most valuable financial technology companies in the UK. It received funding of $800 million in July 2010 and this led to an increase in valuation to $33 billion.