Revolut is a fast-growing e-bank in the U.K. that’s worth $33 billion. And this week we found out that it is using bitcoin to pay for its U.S. office rental space.
Ryan Weeks of The Block did a nice writeup on the news.
Revolut has announced that it has used bitcoin to pay for office space for 300 employees in a WeWork in Dallas — its largest office in the United States.
But why has the British neobank, which is valued at a cool $33 billion, opted to use bitcoin in this way?
The answer is in part to save money, and in part to underscore a commitment to crypto, according to a Revolut spokesperson.
“We are a strong believer in crypto having real-life use cases in the future of payments. The advantage of paying in crypto is the ability to make nearly instant payments without middlemen who charge large international remittance fees,” they said.
This is fantastic news on all fronts. Revolut is one of the fastest-growing fintech companies in the world — and it’s a large holding of our portfolio company Draper Esprit (GRWXF, GROW.L).
It’s especially exciting because Revolut is proving that bitcoin is a cheaper way to send money overseas. And a Revolut spokesman said the company is “working towards a future of everyday use cases for crypto in payments.”
A million dollars’ worth of bitcoin can be sent anywhere in the world for around $5. It’s far faster, easier and cheaper than using the legacy financial transfer systems. And that’s too powerful to ignore. The incumbent financial banks and companies have no choice at this point. They have to adopt crypto or risk falling even further behind.
I think this bitcoin bull run has legs. So many institutional investors still have no exposure, and pressure is mounting on them to get some. My guess is that bitcoin will see new all-time-highs in the next six months.