Revolut Joins Major Crypto Exchanges in Delisting ADA, MATIC, and SOL, Dealing a Blow to Crypto Expansion
Revolut, the prominent London-based FinTech startup and Neobank, has followed in the footsteps of major US crypto exchanges by delisting Cardano (ADA), Polygon (MATIC), and Solana (SOL) for its American customers. The move comes as regulatory pressure mounts and market uncertainties persist, dealing a significant blow to Revolut’s crypto expansion strategy.
In an email notification sent out this week, Revolut informed its US-based users about the cessation of support for ADA, MATIC, and SOL, effectively prohibiting them from purchasing these cryptocurrencies. Furthermore, any remaining tokens held in user accounts will be automatically sold.
Revolut’s Crypto Ambitions Waver as SEC Clamps Down on Altcoins
Revolut made its initial foray into the crypto market in 2017, aligning with its business growth trajectory. Over time, the neobank integrated various crypto services into its app, boasting support for more than 100 cryptocurrencies on its website. However, the recent decision to delist ADA, MATIC, and SOL raises questions about Revolut’s crypto ambitions and its ability to navigate the volatile crypto landscape.
Entering the US market in 2020, Revolut’s crypto offering had helped the company differentiate itself from competitors. Nevertheless, venturing into digital assets also exposed the bank to the sector’s inherent risks and fluctuations. Despite the challenges, Revolut’s CEO, Nikolay Storonsky, had previously expressed his confidence in the future of cryptocurrencies, stating that the company was “doubling down on crypto products.”
However, the landscape shifted dramatically when the US Securities and Exchange Commission (SEC) initiated legal action against prominent crypto entities. Last month, the SEC filed lawsuits against Binance and Coinbase, implicating several altcoins, including ADA, MATIC, and SOL. Consequently, numerous crypto exchanges, such as Robinhood, eToro, and Bakkt, swiftly delisted these tokens due to uncertainty surrounding their legal status.
The impact of these delistings on ADA, MATIC, and SOL has been profound, with prices plummeting as a result. For instance, MATIC is currently trading at less than half its value from earlier this year, highlighting the challenging outlook for the cryptocurrency.
Additionally, Solana faces further jeopardy as recent reports of Robinhood liquidating approximately $26 million worth of SOL have prompted a significant price correction. The market volatility surrounding SOL has left investors on edge and uncertain about its future performance.
Revolut’s decision to delist ADA, MATIC, and SOL underscores the mounting regulatory scrutiny faced by the crypto industry, as well as the market’s increasing uncertainty. As crypto businesses navigate these challenges, the future of these once-promising tokens remains uncertain, leaving investors and enthusiasts alike apprehensive about their prospects.
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