Around the world, FinTechs that enable their customers to invest or trade in crypto assets are reassuring their customers after cryptocurrency exchange FTX filed for bankruptcy last week.
One such FinTech, U.K.-based neobank Revolut, emailed users this week telling them it did not have “material exposures” to FTX but was monitoring the situation, Bloomberg reported on Friday (Nov. 17).
“This is a good reminder that crypto is very volatile: the value does go down, as well as up … So, remember to only invest what you can afford to lose,” the email added.
Revolut issued a statement saying it has very little indirect exposure to FTT tokens and does not directly facilitate trading in the digital currency that FTX created.
Prior to the FTX crash, Revolut CEO Nikolay Storonsky told Bloomberg that the company’s cryptocurrency offering already accounted for less than 5% of its revenues, down from 30% or 35% in 2021.
Commenting on the decline, Storonsky said it was “quite sad from my point of view. I think crypto has a lot of potential for financial systems.”
Read more: Revolut’s Crypto Revenue Down to Less Than 5%
Revolut, which also supports multiple fiat currencies, allows users to swap and hold multiple cryptocurrencies including bitcoin, ether and litecoin.
Last month, the neobank also added a new “spend from crypto” feature, which allows users to use their crypto balances for everyday purchases by automatically exchanging for the necessary fiat currency in real-time.
See more: Revolut to Introduce ‘Spend From Crypto’ for Cardholders
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