Bitcoin

As of late November 2025, Revolut is <a href="https://www.revolut.com/cs-CZ/news/revolut_completes_fundraising_process_establishing_75_billion_valuation/" rel="noopener noreferrer nofollow">valued</a> at approximately $75 billion. Quite a number, isn’t it? I’m kind of contributing to that figure myself, just by being a user. But is everything really as great as it seems?
Sure, over 65 million customers worldwide is a significant number. But it doesn’t mean that everyone in that crowd knows how to expand their horizons. If you think that being a loyal user of one bank means you don't need to keep an eye on its competition - you’re dead wrong. I recently came across a LinkedIn <a href="https://www.linkedin.com/feed/update/urn:li:activity:7429999822767562752/?updateEntityUrn=urn%3Ali%3Afs_updateV2%3A%28urn%3Ali%3Aactivity%3A7429999822767562752%2CFEED_DETAIL%2CEMPTY%2CDEFAULT%2Cfalse%29" rel="noopener noreferrer nofollow">post</a> showing that cryptobanks are on a fast track to overtake neobanks, with more and more people shifting their demand toward services offered by crypto exchanges. So by ignoring the competition, you’re losing out on the most advanced financial tools available right now.
<h2 id="coinbase-vs-paypal-who-s-taking-the-market">Coinbase vs PayPal: Who’s Taking the Market?</h2>
As of February 20, 2026, Coinbase has <a href="https://www.linkedin.com/posts/marcelvanoost_the-public-fintech-companiesrankingby-performance-activity-7431389693256286209-McwD/?utm_medium=ios_app&amp;rcm=ACoAAElHYO8BG0O2TBNJXEw4e6zwjyamF4VYoY0&amp;utm_source=social_share_send&amp;utm_campaign=copy_link" rel="noopener noreferrer nofollow">overtaken</a> PayPal in market capitalization. When Coinbase, valued at $45.2B, kicks PayPal ($38.3B) off the pedestal - that’s financial Formula 1 in action. The old guard, which spent years building empires on “air commissions,” now looks like a button-phone Nokia at the first iPhone launch.
Crypto companies aren’t growing because they’re “trendy.” They grow because they solve real problems faster, cheaper, and on a global scale. While PayPal is still thinking in terms of countries, banks, and regulations, Coinbase is running an ecosystem: assets, staking, custody, institutional services, Web3. These are completely different weight classes, even if on the surface they both look like “just financial apps.”<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/e78eefe386f34308a13ae549ddb070ff.png">

Source: LinkedIn - Kartik Swaminathan
And here’s why this directly matters for Revolut. Its real competition is no longer other neo-banks, and not even PayPal. Its competitors are crypto platforms with billion-dollar turnovers, for whom banking licenses are optional rather than essential.
<h2 id="crypto-vs-fintech-who-s-winning-the-market">Crypto vs. Fintech: Who’s Winning the Market?</h2>
If we used to think that Revolut’s $75B valuation was an almost untouchable Olympus, crypto exchanges are showing that these numbers aren’t so scary anymore. The interfaces of crypto exchanges are no longer fundamentally different from neobanks - and in many ways, they offer even more product possibilities.
<ul>
 <li>Take <a href="https://www.binance.com/en" rel="noopener noreferrer nofollow">Binance</a>, for example. We’re talking about over 200 million active users. And no, they aren’t all "pro traders" staring at candles all day. Products like Binance Pay for commission-free transfers and the Binance Card for daily shopping are snatching the exact same target audience that neobanks fight so hard for.</li>
 <li>Then there’s <a href="https://whitebit.com/" rel="noopener noreferrer nofollow">WhiteBIT</a>. Imagine having a payment card that drops your cashback directly in Bitcoin (WhiteBIT Nova) or a tool that lets you send crypto to anyone simply and securely - the sender must have an account, the recipient doesn’t necessary (WB Checks). These aren't "future concepts"; they are live, functional, and superior. It’s exactly this kind of product-led blitz that has WhiteBIT charging forward with a valuation of $52 billion. Plus, just recently, the exchange’s native coin, WBT Coin, was listed on Kraken. That’s another great reason to help accelerate its market cap growth. The Kraken listing is likely to impact the exchange’s capitalization and could push it <a href="https://coinmarketcap.com/community/articles/69a98fff5182811f09e2976a/" rel="noopener noreferrer nofollow">up to $65B</a>.</li>
 <li>And if your only association with <a href="https://www.bybit.com/en/" rel="noopener noreferrer nofollow">Bybit</a> is trading, you’re living in the past. What about passive income? While you’re wasting time walking to a physical bank branch to sign papers for a 1% return, Bybit Earn lets you put your money to work instantly with rates no traditional bank can touch. This is why users are migrating, boosting the market cap of exchanges rather than neobanks.</li>
</ul>
Yes, neobanks mainly attract everyday users because crypto still can be unfamiliar to some people. However, crypto exchanges are no longer built only for traders. They actively focus on making their products accessible to everyone - including users who have no prior knowledge of crypto. Today, anyone may come to an exchange simply to get a virtual payment card, earn passive cashback, or use convenient financial tools.
The market capitalization of Revolut clearly shows that neobanks are developing at a strong pace - at least $75B is an impressive figure. However, given the current advantages and rapid innovation of crypto exchanges, for example WhiteBIT with a market cap of $52B, Revolut’s valuation is by no means unattainable. In the near future, these players are likely to reach comparable levels thanks to their accelerated growth. <img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/0bb184e9eb944e48a34eb73cb9e6265a.png">

<h2 id="market-cap-showdown-who-s-running-the-financial-marathon-in-2026">Market Cap Showdown: Who’s Running the Financial Marathon in 2026?</h2>
Let’s take a look at the market through the lens of market capitalization. At the very top are VISA ($611.7B) and Mastercard ($469.5B). Yes, these are giants unaffected by any trends. Their cards are in everyone’s wallets, and their marketing budgets are bigger than the GDP of some countries.
Next up is American Express ($237.7B). They still play by the old rules: premium clients, fees, gold and platinum cards.
Then comes Nubank ($84.9B) - the largest digital bank in the world. It’s as if Revolut suddenly grew several times over. It shows that mobile and digital banks can compete with traditional giants - and do it fast.
Moving further - Robinhood ($68.5B) and Coinbase ($45.2B). Robinhood is all about trading and investing for those tired of boring banking apps. Coinbase, on the other hand, is about crypto and financial opportunities that Revolut doesn’t yet offer.
Next in line are Adyen ($37.4B), Fiserv ($33.1B), and Block ($32.3B). They prove that even without flashy headlines, you can stay at the top of the market if you focus on infrastructure, global payments, and new services.
And let’s not forget eToro ($2.6B) - the second-best performing crypto platform. Yes, its market cap is still small, but a +13.5% weekly growth shows that even smaller players can quickly catch up if they ride the right trend.
This is exactly why Revolut can’t rest on its laurels. The market is growing, crypto exchanges’ valuations are growing, and the line between “neo-banks” and “crypto platforms” is becoming blurred. By the end of the year, many exchanges could stand on Revolut’s level, and some may already surpass it. <img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/0f63de619e6f4ce5ac2983d791e2e966.png">

Financial Formula 1: Revolut vs. The Crypto Exchanges

Table of Contents

Paul Bennett

Other articles published on Mar 6, 2026

Join our free newsletter for daily crypto updates!