Revolut Expands Crypto Offerings, Adding Elrond

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

article-image

Source: Shutterstock

share

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.”


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates (19).png

Research

Suilend has grown into the top money market and liquid staking provider on Sui. STEAMM, Suilend’s Superfluid AMM, presents a compelling avenue for growing market share within Sui’s DEX landscape and revenue generation for the protocol. Suilend’s multi-product suite position it well for owning market share across key verticals. While current metrics across the Sui ecosystem are likely inflated due to Sui Foundation incentive programs, SEND trades at amongst the lowest multiples in the lend/borrow sector, suggesting that a bull case for continued growth in the ecosystem may be mispriced.

article-image

A Blockworks Research report looked at who could take up some of the marketshare in the launchpad space

article-image

Business-to-business stablecoin payments are on the rise, per a report from Artemis, Dragonfly and Castle Island

article-image

Crypto continues to do its thing: incentivizing behavior

article-image

Kraken will soon offer Backed ‘xStocks’ as Solana tokens

article-image

In a unanimous decision, the US Court of International Trade has ruled that Trump’s IEEPA tariffs are unlawful

article-image

The platform has over $22 million in assets and allows anyone to invest in tokenized real estate