{"id":39414,"date":"2021-03-23T15:36:13","date_gmt":"2021-03-23T13:36:13","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=39414"},"modified":"2025-08-30T09:27:02","modified_gmt":"2025-08-30T06:27:02","slug":"bitcoin-friendly-startup-revolut-pulls-out-of-the-russian-market","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitcoin-friendly-startup-revolut-pulls-out-of-the-russian-market\/","title":{"rendered":"Bitcoin-friendly startup Revolut pulls out of the Russian market"},"content":{"rendered":"<p>The British fintech startup Revolut has declined to enter the Russian market. This was stated by the company&#8217;s founder, Nikolai Storonsky, in an interview with businessman Oleg Tinkov.<!--more--><\/p>\n<p>Storonsky said the decision reflected a change in priorities. At the same time, the company will continue to expand its business in six countries, including India and China.<\/p>\n<p><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/AlxOTlXYZE4\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>Offices opened in 2019 in Moscow and Saint Petersburg will be involved in supporting the company&#8217;s business and are not linked to any entry into the Russian market.<\/p>\n<blockquote>\n<p>\u201cThe company is profitable, even quite profitable,\u201d added Nikolai Storonsky.<\/p>\n<\/blockquote>\n<p>He estimated that annual revenue had tripled, the number of customers had doubled to 20 million. Revolut is used by 8-9 million people each month.<\/p>\n<p>Storonsky valued Revolut at between $16.5 billion and $22 billion. Last year, the figure stood at $5.5 billion.<\/p>\n<p>Founded in 2015 by former Credit Suisse trader Nikolai Storonsky and former Deutsche Bank development specialist Vlad Yatsenko, Revolut offers cards with multi-currency accounts and provides currency conversion services without bank fees.<\/p>\n<p>The Revolut app allows exchanging fiat money into Bitcoin, Ethereum, Litecoin, Bitcoin Cash, XRP and Stellar.<\/p>\n<p>In February 2020, Revolut abandoned plans to enter the Russian market for an indefinite period, choosing to focus on Asian and North American markets.<\/p>\n<p>In March of the same year, the startup entered the US market, and in September opened access to cryptocurrency trading <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-friendly-revolut-app-hits-australian-market\">Australian users<\/a>.<\/p>\n<p>In October, the startup showed interest in obtaining <a href=\"https:\/\/u1f987.com\/en\/news\/media-revolut-eyes-banking-license-in-the-united-states\">a banking licence in the United States<\/a>.<\/p>\n<p>In December 2020, Revolut added to its banking app support for <a href=\"https:\/\/u1f987.com\/en\/news\/revolut-expands-its-list-of-supported-cryptocurrencies\">additional cryptocurrencies<\/a>: EOS, OMG Network, 0x and Tezos.<\/p>\n<p>Subscribe to ForkLog news on Telegram: <a href=\"https:\/\/t.me\/forklogfeed\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog Feed<\/a> \u2014 the full news stream, <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog<\/a> \u2014 the most important news and polls.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The British fintech startup Revolut refused to enter the Russian market. This was stated by the company&#8217;s founder Nikolai Storonsky in an interview with businessman Oleg Tinkov.<\/p>\n","protected":false},"author":1,"featured_media":39415,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1229,1396,27],"class_list":["post-39414","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-banks-and-fintech","tag-revolut","tag-russia"],"aioseo_notices":[],"amp_enabled":true,"views":"24","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/39414","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=39414"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/39414\/revisions"}],"predecessor-version":[{"id":39416,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/39414\/revisions\/39416"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/39415"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=39414"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=39414"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=39414"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}