Revolut faces issues with 2021 annual report

Revolut, a British-Lithuanian fintech company known for its crypto-friendly services, recently released its annual report for the year ending December 2021. The report revealed that Revolut generated a revenue of £636 million ($769 million) in 2021, a significant increase from the previous year’s £220 million ($266 million). This marks the company’s first-ever full year of profit since its launch in 2015.

Despite the positive financial news, the company’s annual report has faced issues. Independent auditors from the global accounting network BDO have reviewed the report and confirmed that it accurately reflects the state of the company’s affairs as of Dec. 31, 2021. However, the auditors also noted certain qualifications related to the report, which could impact its accuracy.

According to BDO’s qualified opinion section, the report was correct “except for the possible effects of the matters described in the basis for the qualified opinion section.” This suggests that there are certain factors that may affect the accuracy of the report, which the auditors have identified and highlighted.

Despite this, Revolut’s leadership remains optimistic about the company’s future prospects. The neobank has rapidly expanded its user base and range of services, including allowing customers to buy and sell cryptocurrencies like Bitcoin and Ethereum. The company has also expanded its operations globally, with offices in over 30 countries and plans to launch in new markets.

Revolut’s CEO, Nikolay Storonsky, expressed his satisfaction with the company’s performance in the 2021 fiscal year, stating, “We are delighted to report our first-ever full year of profitability, which is a testament to the hard work and dedication of our team.” He also emphasized the importance of innovation and growth in the company’s ongoing success, stating, “We are continuing to push boundaries and innovate in order to provide our customers with the best possible experience, and we look forward to even more growth and success in the years ahead.”

Revolut’s recent financial success and ongoing expansion efforts have cemented its position as a leading player in the fintech industry. Despite the issues with its annual report, the company’s strong financial performance and focus on innovation bode well for its future prospects.

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Bitcoin Hodlers Experience Profits on Majority of Trading Days

Bitcoin has been a popular investment asset since its inception in 2009, and data shows that hodlers have experienced profits on the majority of trading days. According to Blockchain.com, Bitcoin hodlers enjoyed profitable days on 88.50% of the 4,593 days the cryptocurrency has been tradable. This challenges the historical narrative that crypto has depreciating volatility, proving that holding Bitcoin is provably profitable in the long run.

The profitability of Bitcoin can be attributed to its hard limit on total supply and seamless global usability. These factors have contributed to its status as a store of value, and the historical price performance of Bitcoin confirms its potential as a profitable investment. However, investors must understand Bitcoin’s market cycles to maximize their profits and avoid buying at the top and selling at the dip.

Out of the 4,593 trading days, only 531 or 11.56% were unprofitable for long-term hodlers. These unprofitable days occurred between December 28, 2022, and June 12, 2022, during which Bitcoin was priced above the range of $26,246.58 and $28,344.5. This emphasizes the importance of understanding market cycles, and investors should exercise caution to avoid significant losses.

While some investors prefer to hold Bitcoin long-term, others make daily trades on crypto exchanges for consistent profits. Regardless of the investment strategy, understanding the market cycles and trends is crucial for maximizing profits.

However, investing in Bitcoin is not without its risks, as demonstrated by the recent security vulnerability discovered by General Bytes. The manufacturer of Bitcoin ATMs had to shut down its cloud services after discovering a vulnerability that allowed attackers to access users’ hot wallets and gain sensitive information. Karel Kyovsky, the founder of General Bytes, stated that multiple security audits since 2021 did not identify the vulnerability.

In conclusion, Bitcoin’s profitability challenges the historical narrative of depreciating volatility in the crypto market. Hodlers have experienced profits on the majority of trading days, making Bitcoin a potentially lucrative investment asset. However, understanding market cycles and trends is essential for investors to maximize their profits and avoid significant losses. Additionally, investors should be aware of the potential risks associated with investing in Bitcoin, such as security vulnerabilities.

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@gutiman18 Facebook is a company that provides its users with services they value, advertisers with a way to reach their customers, and generates profits for its shareholders. What does that have to do with Bitcoin?

@gutiman18 Facebook is a company that provides its users with services they value, advertisers with a way to reach their customers, and generates profits for its shareholders. What does that have to do with #Bitcoin?

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📈 The number of Bitcoin holders with 1,000 or more $BTC held continues to climb as prices flirt with new all-time highs. Meanwhile, addresses with under 1,000 $BTC look to be selling off since Wednesday, content with their profits at the $22k-$24k level

📈 The number of #Bitcoin holders with 1,000 or more $BTC held continues to climb as prices flirt with new all-time highs. Meanwhile, addresses with under 1,000 $BTC look to be selling off since Wednesday, content with their profits at the $22k-$24k level https://t.co/8cLnzOyPbi https://t.co/IHGoWC8XZL

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Kept profits in bitcoin obviously. Being able to move L-BTC and L-USDt coins in 2mins flat and ready to trade makes all the difference. And Confidential Transactions so people dont get a hint of what’s going on.

Kept profits in #bitcoin obviously. Being able to move L-BTC and L-USDt coins in 2mins flat and ready to trade makes all the difference. And Confidential Transactions so people dont get a hint of what’s going on.

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CZ expects Binance to have profits of $800 million to $1 billion this year, up from about $570 million last year, as market uncertainty pushes traders into digital coins.(Bloomberg) Data shows that OKEx and Huobi’s problem help binance get more users and profits in Q4.

CZ expects Binance to have profits of $800 million to $1 billion this year, up from about $570 million last year, as market uncertainty pushes traders into digital coins.(Bloomberg) Data shows that OKEx and Huobi’s problem help binance get more users and profits in Q4. https://t.co/p4ah4A9A6a

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Bitcoin (BTC) $ 44,051.80 0.96%
Ethereum (ETH) $ 2,265.82 0.36%
Litecoin (LTC) $ 73.81 0.69%
Bitcoin Cash (BCH) $ 247.93 0.22%