Rep. Davidson on State of U.S. Crypto Sector
07:00Umee CEO on DeFi Outlook Amid Rising Inflation01:37JPMorgan: Coinbase Would Benefit From ETH Merge; EU Lawmakers Seek to Cap Banks’ Bitcoin Holdings04:18OpenNode Exec on Partnership With Stripe to Allow Bitcoin Conversion Payments04:20Fireblocks Exec on Bringing DeFi to Traditional MarketsDigital bank Revolut plans to sell around $500 million of employee-owned shares, the Wall Street Journal reported on Tuesday.
The deal would see Revolut's value rise to $45 billion, according to the report, which cited people familiar with the matter.
The London-based fintech company has allowed the buying and selling of crypto within its app for several years and launched a standalone cryptocurrency exchange for experienced traders in May.
Revolut has been in talks with investment firm Greenoaks over the sale, which would pave the way for a potential initial public offering (IPO).
Early employees of startups are often given shares as part of their compensation, which they can cash in when the company goes public. However, higher interest rates in recent years have made for an uncertain environment for IPOs. Revolut may be aiming to allow employees to raise some cash while giving the firm's valuation an added boost ahead of an IPO.
The company declined to comment when contacted by CoinDesk.
Read More: Swan Bitcoin Drops IPO Plan, Cuts Staff and Will Shut Managed Mining Unit
Edited by Sheldon Reback.