Revolut CEO Nikolay Storonsky is planning to sell a portion of his shares in a $500 million share sale, as he adjusts his investment in the fintech giant. The sale will involve a portion worth “tens or even hundreds of millions of dollars,” although the exact size of Storonsky’s stake has not been specified. The final amount of shares sold will depend on the valuation that Revolut attracts from new investors and the allocation decisions made by the company and its advisors, Morgan Stanley. Revolut is targeting a $40 billion valuation for the share sale, aiming to surpass the $33 billion achieved in its 2021 primary funding round.
In other news, Revolut recently launched a new crypto trading platform called Revolut X, which is specifically designed for UK retail customers. The platform offers over 100 token trades with low fees and is accessible on desktop for all UK users with a Revolut retail account. Initially catering to professional traders, Revolut X provides an easy on/off-ramping process for cryptocurrencies and low transaction fees. The platform currently supports assets such as Bitcoin, Ethereum, and XRP, with plans to expand its offerings in the future. Revolut aims to provide experienced crypto traders with a safe and accessible place to trade.
