Revolut Expands Crypto Offerings, Adding Elrond

Aspiring metaverse master opens a fintech portal for EGLD in some 30 countries


Source: Shutterstock


key takeaways

  • Elrond CEO Beniamin Mincu said many new updates are expected in the coming months
  • EGLD price has dropped by 77% since its all-time high in November 2021

British fintech and banking firm Revolut is partnering with Elrond to bring the blockchain’s native cryptocurrency, EGLD, onto its platform.

Elrond’s EGLD will be available to over 20 million Revolut users in over 30 countries, an opportunity that Elrond CEO Beniamin Mincu dubbed “tremendous.”

The move marks a bet on the underlying technology of the blockchain, considering its token plummeted some 90% from its all-time high in Nov. 2021. Its total value locked (TVL) has been decimated in that time as well and now sits at $157 million, according to DefiLlama.

Beniamin Mincu; Source: Twitter

“It’s a huge step forward in making EGLD available to a large audience of people,” Mincu told Blockworks. “The listing is one thing, but there are other things such as staking and some other features as well.”

Elrond launched its mainnet in July 2020, using its own unique Proof-of-Stake (PoS) consensus algorithm called Secure Proof of Stake (SPoS) to support its blockchain. 

“We believe the Elrond network enables us to scale dynamically with the demand of the network 

in a way that no other network can do at this point,” Mincu said.

The network’s decentralized exchange and digital wallet Maiar was taken offline in June 2022 after “suspicious activity.” This incident caused the wallet’s token MEX to drop in value by over 90%. 

EGLD suffered as well, slipping to as low as $38 shortly after the incident. Its price remains down from its all-time high in Nov. 23 2021 high of around $540, trading hands at roughly $56.20 at the time of writing.

Although there have yet to be any significant ecosystem updates on the network, Mincu said there will be a lot to look forward to in the coming months. Most specifically, in November — when the first Elrond conference will be held in Paris.

“We’ve been working on several things, and with this conference, people will get the sense of where this entire space is really going towards, and what we’ve been working on in silence for some time now,” Mincu said. 

Mincu said that moving forward, he sees Elrond becoming the “next fundamental layer for the metaverse.”

“I believe that the metaverse landscape will be absolutely defining for the next decades,” he said. “But without the blockchain, the metaverse really cannot exist  — so this is the direction that we’re pushing very heavily towards.”

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.


Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2023

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research Report Cover Vertex.jpg


The proliferation of new perp DEXs has led to fragmented liquidity across various DEXs and chains. Vertex, known for its vertically-integrated DEX that includes spot, perpetual, and integrated money markets, is now tackling cross-chain liquidity fragmentation through horizontal integration with the launch of new Edge instances. Vertex's integrated offerings and cross-margined account structure amplify the benefits of new instances: native cross-chain spot trading, optimized cross-chain basis trading, consistent interest rates, reduced bridging friction, and more.


Partnering with EtherFi and Angle, the fully on-chain perp DEX features bespoke collateral



Gavin Wood introduced the next evolutionary step for the Polkadot network: the Join-Accumulate Machine, or JAM


The side events were the places to be at Consensus 2024, according to attendees


Also, who’s come out swinging in the spot ether ETF fee war — and who could undercut them


I know it is not in their nature, but US regulators could learn a lot by researching the digital asset frameworks that overseas regulators have already gotten right


Also, the ETF hype train can count out at least one member