From Apps to Assets: Fintech’s Leap into Crypto
Traditional fintech applications have fundamentally transformed from consumer-facing services into critical infrastructure for the global crypto economy, with five major platforms collectively serving over 700 million users and processing hundreds of billions in crypto transactions annually. This shift from apps to assets represents not merely product expansion but a wholesale reimagining of financial infrastructure, where blockchain technology becomes the foundational layer rather than an adjacent feature. Robinhood, Revolut, PayPal, Kalshi, and CoinGecko are executing parallel strategies that converge on a singular vision: crypto as essential financial infrastructure, not an alternative asset class.
The transformation gained decisive momentum in 2024-2025 as regulatory clarity emerged through Europe's MiCA framework and the U.S. GENIUS Act for stablecoins, institutional adoption accelerated through Bitcoin ETFs managing billions in assets, and fintech companies achieved technological maturity enabling seamless crypto integration. These platforms now collectively represent the bridge between 400 million traditional finance users and the decentralized digital economy, each addressing distinct aspects of the same fundamental challenge: making crypto accessible, useful, and trustworthy for mainstream audiences.
The regulatory breakthrough that enabled scale
The period from 2024-2025 marked a decisive shift in the regulatory environment that had constrained fintech crypto ambitions for years. Johann Kerbrat, General Manager of Robinhood Crypto, captured the industry's frustration: "We received our Wells notice recently. For me, the main takeaway is the need for regulatory clarity in the U.S. regarding what are securities and what are cryptocurrencies. We've met with the SEC 16 times to try to register." Yet despite this uncertainty, companies pressed forward with compliance-first strategies that ultimately positioned them to capitalize when clarity arrived.
The European Union's Markets in Crypto-Assets regulation provided the first comprehensive framework, enabling Revolut to launch crypto services across 30 European Economic Area countries and Robinhood to expand through its $200 million Bitstamp acquisition in June 2025. Mazen ElJundi, Global Business Head of Crypto at Revolut, acknowledged: "The MiCA framework has a lot of pros and cons. It is not perfect, but it has merit to actually exist, and it helps companies like ours to understand what we can offer to customers." This pragmatic acceptance of imperfect regulation over regulatory vacuum became the industry consensus.
In the United States, multiple breakthrough moments converged. Kalshi's victory over the CFTC in its lawsuit regarding political prediction markets established federal jurisdiction over event contracts, with the regulatory agency dropping its appeal in May 2025. John Wang, Kalshi's 23-year-old Head of Crypto appointed in August 2025, declared: "Prediction markets and event contracts are now being held at the same level as normal derivatives and stocks—this is genuinely like the new world's newest asset class." The Trump administration's establishment of a U.S. Federal Strategic Bitcoin Reserve through Executive Order in March 2025 and the passage of the GENIUS Act providing a regulated pathway for stablecoins created an environment where fintech companies could finally build with confidence.
PayPal epitomized the compliance-first approach by becoming one of the first companies to receive a full BitLicense from New York's Department of Financial Services in June 2022, years before launching its PayPal USD stablecoin in August 2023. May Zabaneh, Vice President of Product for Blockchain, Crypto, and Digital Currencies at PayPal, explained the strategy: "PayPal chose to become fully licensed because it was the best way forward to offer cryptocurrency services to its users, given the robust framework provided by the NYDFS for such services." This regulatory groundwork enabled PayPal to move swiftly when the SEC closed its PYUSD investigation without action in 2025, removing the final uncertainty barrier.
The regulatory transformation enabled not just permissionless innovation but coordinated infrastructure development across traditional and crypto-native systems. Robinhood's Johann Kerbrat noted the practical impact: "My goal is to make sure that we can work no matter which side is winning in November. I'm hopeful that it's been clear at this point that we need regulation, otherwise we're going to be late compared to the EU and other places in Asia." By late 2025, fintech platforms had collectively secured over 100 licenses across global jurisdictions, transforming from regulatory supplicants to trusted partners in shaping crypto's integration into mainstream finance.
Stablecoins emerge as the killer application for payments
The convergence of fintech platforms on stablecoins as core infrastructure represents perhaps the clearest signal of crypto's evolution from speculation to utility. May Zabaneh articulated the industry consensus: "For years, stablecoins have been deemed crypto's 'killer app' by combining the power of the blockchain with the stability of fiat currency." By 2025, this theoretical promise became operational reality as stablecoin circulation doubled to $250 billion within 18 months, with McKinsey forecasting $2 trillion by 2028.
PayPal's PayPal USD stablecoin exemplifies the strategic pivot from crypto as tradable asset to crypto as payment infrastructure. Launched in August 2023 and now deployed across Ethereum, Solana, Stellar, and Arbitrum blockchains, PYUSD reached $894 million in circulation by mid-2025 despite representing less than 1% of the total stablecoin market dominated by Tether and Circle. The significance lies not in market share but in use case: PayPal used PYUSD to pay EY invoices in October 2024, demonstrating real-world utility within traditional business operations. The company's July 2025 "Pay with Crypto" merchant solution, accepting 100+ cryptocurrencies but converting everything to PYUSD before settlement, reveals the strategic vision—stablecoins as the settlement layer bridging volatile crypto and traditional commerce.
Zabaneh emphasized the payments transformation: "As we see cross-border payments being a key area where digital currencies can provide real world value, working with Stellar will help advance the use of this technology and provide benefits for all users." The expansion to Stellar specifically targets remittances and cross-border payments, where traditional rails charge 3% on a $200 trillion global market. PayPal's merchant solution reduces cross-border transaction fees by 90% compared to traditional credit card processing through crypto-stablecoin conversion, offering a 0.99% promotional rate versus the average 1.57% U.S. credit card processing fee.
Both Robinhood and Revolut have signaled stablecoin ambitions, with Bloomberg reporting in September 2024 that both companies were exploring proprietary stablecoin issuance. For Revolut, which already contributes price data to Pyth Network supporting DeFi applications managing $15.2 billion in total value, a stablecoin would complete its transformation into crypto infrastructure provider. Mazen ElJundi framed this evolution: "Our partnership with Pyth is an important milestone in Revolut's journey to modernize finance. As DeFi continues to gain traction, Pyth's position as the backbone of the industry will help Revolut capitalize on this transformation."
The stablecoin strategy reflects deeper insights about crypto adoption. Rather than expecting users to embrace volatile assets, these platforms recognized that crypto's transformative power lies in its rails, not its assets. By maintaining fiat denomination while gaining blockchain benefits—instant settlement, programmability, 24/7 availability, lower costs—stablecoins offer the value proposition that 400 million fintech users actually want: better money movement, not speculative investments. May Zabaneh captured this philosophy: "In order for things to become mainstream, they have to be easily accessible, easily adoptable." Stablecoins, it turns out, are both.
Prediction markets become the trojan horse for sophisticated financial products
Kalshi's explosive growth trajectory—from 3.3% market share in early 2024 to 66% by September 2025, with a single-day record of $260 million in trading volume—demonstrates how prediction markets successfully package complex financial concepts for mainstream audiences. John Wang's appointment as Head of Crypto in August 2025 accelerated the platform's explicit strategy to position prediction markets as the gateway drug for crypto adoption. "I think prediction markets are similar to options that are packaged in the most accessible form possible," Wang explained at Token 2049 Singapore in October 2025. "So I think prediction markets are like the Trojan Horse for people to enter crypto."
The platform's CFTC-regulated status provides a critical competitive advantage over crypto-native competitors like Polymarket, which prepared for U.S. reentry by acquiring QCEX for $112 million. Kalshi's federal regulatory designation as a Designated Contract Market bypasses state gambling restrictions, enabling 50-state access while traditional sportsbooks navigate complex state-by-state licensing. This regulatory arbitrage, combined with crypto payment rails supporting Bitcoin, Solana, USDC, XRP, and Worldcoin deposits, creates a unique position: federally regulated prediction markets with crypto-native infrastructure.
Wang's vision extends beyond simply accepting crypto deposits. The launch of KalshiEco Hub in September 2025, with strategic partnerships on Solana and Base (Coinbase's Layer-2), positions Kalshi as a platform for developers to build sophisticated trading tools, analytics dashboards, and AI agents. "It can range anywhere from pushing data onchain from our API to, in the future, tokenizing Kalshi positions, providing margin and leveraged trading, and building third-party front ends," Wang outlined at Solana APEX. The developer ecosystem already includes tools like Kalshinomics for market analytics and Verso for professional-grade discovery, with Wang committing that Kalshi will integrate with "every major crypto app and exchange" within 12 months.
The Robinhood partnership announced in March 2025 and expanded in August exemplifies the strategic distribution play. By embedding Kalshi's CFTC-regulated prediction markets within Robinhood's app serving 25.2 million funded customers, both companies gain: Robinhood offers differentiated products without navigating gambling regulations, while Kalshi accesses mainstream distribution. The partnership initially focused on NFL and college football markets but expanded to politics, economics, and broader event contracts, with revenue split equally between platforms. Johann Kerbrat noted Robinhood's broader strategy: "We don't really see this distinction between a crypto company and a non-crypto company. Over time, anyone who is basically moving money or anyone who's in financial services is going to be a crypto company."
Kalshi's success validates Wang's thesis that simplified financial derivatives—yes/no questions on real-world events—can democratize sophisticated trading strategies. By removing the complexity of options pricing, Greeks, and contract specifications, prediction markets make probabilistic thinking accessible to retail audiences. Yet beneath this simplicity lies the same risk management, hedging, and market-making infrastructure that supports traditional derivatives markets. Wall Street firms including Susquehanna International Group provide institutional liquidity, while the platform's integration with Zero Hash for crypto processing and LedgerX for clearing demonstrates institutional-grade infrastructure. The platform's $2 billion valuation following its June 2025 Series C led by Paradigm and Sequoia reflects investor conviction that prediction markets represent a genuine new asset class—and crypto provides the ideal infrastructure to scale it globally.
Retail crypto trading matures into multi-asset wealth platforms
Robinhood's transformation from the company that restricted GameStop trading in 2021 to a crypto infrastructure leader generating $358 million in crypto revenue in Q4 2024 alone—representing 700% year-over-year growth—illustrates how retail platforms evolved beyond simple buy/sell functionality. Johann Kerbrat, who joined Robinhood over three years ago after roles at Iron Fish, Airbnb, and Uber, has overseen this maturation into comprehensive crypto-native financial services. "We think that crypto is actually the way for us to rebuild the entire Robinhood in the EU from the ground up, just using blockchain technology," Kerbrat explained at EthCC 2025 in Cannes. "We think that blockchain technology can make things more efficient, faster, and also include more people."
The $200 million Bitstamp acquisition completed in June 2025 marked Robinhood's decisive move into institutional crypto infrastructure. The 14-year-old exchange brought 50+ global licenses, 5,000 institutional clients, 500,000 retail users, and approximately $72 billion in trailing twelve-month trading volume—representing 50% of Robinhood's retail crypto volume. More strategically, Bitstamp provided institutional capabilities including lending, staking, white-label crypto-as-a-service, and API connectivity that position Robinhood to compete beyond retail. "The acquisition of Bitstamp is a major step in growing our crypto business," Kerbrat stated. "Through this strategic combination, we are better positioned to expand our footprint outside of the US and welcome institutional customers to Robinhood."
Yet the most ambitious initiative may be Robinhood's Layer-2 blockchain and stock tokenization program announced in June 2025. The platform plans to tokenize over 200 U.S. stocks and ETFs, including controversial derivatives tied to private company valuations like SpaceX and OpenAI tokens. "For the user, it's very simple; you will be able to tokenize any financial instrument in the future, not just US stocks, but anything," Kerbrat explained. "If you want to change brokers, you won't have to wait multiple days and wonder where your stocks are going; you'll be able to do it in an instant." Built on Arbitrum technology, the Layer-2 aims to provide compliance-ready infrastructure for tokenized assets, integrated seamlessly with Robinhood's existing ecosystem.
This vision extends beyond technical innovation to fundamental business model transformation. When asked about Robinhood's crypto ambitions, Kerbrat increasingly emphasizes technology over trading volumes: "I think this idea of blockchain as fundamental technology is really underexplored." The implication—Robinhood views crypto not as a product category but as the technological foundation for all financial services—represents a profound strategic bet. Rather than offering crypto alongside stocks and options, the company is rebuilding its core infrastructure on blockchain rails, using tokenization to eliminate settlement delays, reduce intermediary costs, and enable 24/7 markets.
The competitive positioning against Coinbase reflects this strategic divergence. While Coinbase offers 260+ cryptocurrencies versus Robinhood's 20+ in the U.S., Robinhood provides integrated multi-asset trading, 24/5 stock trading alongside crypto, lower fees for small trades (approximately 0.55% flat versus Coinbase's tiered structure starting at 0.60% maker/1.20% taker), and cross-asset functionality appealing to hybrid investors. Robinhood's stock quadrupled in 2024 versus Coinbase's 60% gain, suggesting markets reward the diversified fintech super-app model over pure-play crypto exchanges. Kerbrat's user insight validates this approach: "We have investors that are brand new to crypto, and they will just start going from trading one of their stocks to one of the coins, then get slowly into the crypto world. We are also seeing a progression from just holding assets to actually transferring them out using a wallet and getting more into Web3."
Global crypto banking bridges traditional and decentralized finance
Revolut's achievement of 52.5 million users across 48 countries with crypto-related wealth revenue surging 298% to $647 million in 2024 demonstrates how neobanks successfully integrated crypto into comprehensive financial services. Mazen ElJundi, Global Business Head of Crypto, Wealth & Trading, articulated the strategic vision on the Gen C podcast in May 2025: Revolut is "creating a bridge between traditional banking and Web3, driving crypto adoption through education and intuitive user experiences." This bridge manifests through products spanning the spectrum from beginner education to sophisticated trading infrastructure.
The Learn & Earn program, which onboarded over 3 million customers globally with hundreds of thousands joining monthly, exemplifies the education-first approach. Users complete interactive lessons on blockchain protocols including Polkadot, NEAR, Avalanche, and Algorand, receiving crypto rewards worth €5-€15 per course upon passing quizzes. The 11FS Pulse Report named Revolut a "top cryptocurrency star" in 2022 for its "fun and simple approach" to crypto education. ElJundi emphasized the strategic importance: "We're excited to continue our mission of making the complex world of blockchain technology more accessible to everyone. The appetite for educational content on web3 continues to increase at a promising and encouraging rate."
For advanced traders, Revolut X—launched in May 2024 for the UK and expanded to 30 EEA countries by November 2024—provides standalone exchange functionality with 200+ tokens, 0% maker fees, and 0.09% taker fees. The March 2025 mobile app launch extended this professional-grade infrastructure to on-the-go trading, with Leonid Bashlykov, Head of Crypto Exchange Product, reporting: "Tens of thousands of traders actively using the platform in UK; feedback very positive, with many already taking advantage of our near-zero fees, wide range of available assets, and seamless integration with their Revolut accounts." The seamless fiat-to-crypto conversion within Revolut's ecosystem—with no fees or limits for on/off-ramping between Revolut account and Revolut X—eliminates friction that typically impedes crypto adoption.
The partnership with Pyth Network announced in January 2025 signals Revolut's ambition to become crypto infrastructure provider, not merely consumer application. As the first banking data publisher to join Pyth Network, Revolut contributes proprietary digital asset price data to support 500+ real-time feeds securing DeFi applications managing $15.2 billion and handling over $1 trillion in total traded volume across 80+ blockchain ecosystems. ElJundi framed this as strategic positioning: "By working with Pyth to provide our reliable market data to applications, Revolut can influence digital economies by ensuring developers and users have access to the precise, real-time information they need." This data contribution allows Revolut to participate in DeFi infrastructure without capital commitment or active trading—a elegant solution to regulatory constraints on more direct DeFi engagement.
Revolut Ramp, launched in March 2024 through partnership with MetaMask, provides the critical on-ramp connecting Revolut's 52.5 million users to self-custody Web3 experiences. Users can purchase 20+ tokens including ETH, USDC, and SHIB directly into MetaMask wallets using Revolut account balances or Visa/Mastercard, with existing Revolut customers bypassing additional KYC and completing transactions within seconds. ElJundi positioned this as ecosystem play: "We are excited to announce our new crypto product Revolut Ramp, a leading on-ramp solution for the web3 ecosystem. Our on-ramp solution ensures high success rates for transactions done within the Revolut ecosystem and low fees for all customers."
The UK banking license obtained in July 2024 after a three-year application process, combined with Lithuanian banking license from the European Central Bank enabling MiCA-compliant operations, positions Revolut uniquely among crypto-friendly neobanks. Yet significant challenges persist, including €3.5 million fine from Bank of Lithuania in 2025 for AML failures related to crypto transactions and ongoing regulatory pressure on crypto-related banking services. Despite naming Revolut the "most crypto-friendly UK bank" with 38% of UK crypto firms using it for banking services, the company must navigate the perpetual tension between crypto innovation and banking regulation. ElJundi's emphasis on cross-border payments as the most promising crypto use case—"borderless payments represent one of the most promising use cases for cryptocurrency"—reflects pragmatic focus on defensible, regulation-compatible applications rather than pursuing every crypto opportunity.
Data infrastructure becomes the invisible foundation
CoinGecko's evolution from consumer-facing price tracker to enterprise data infrastructure provider processing 677 billion API requests annually reveals how data and analytics became essential plumbing for fintech crypto integration. Bobby Ong, Co-Founder and newly appointed CEO as of August 2025, explained the foundational insight: "We decided to pursue a data site because, quite simply, there's always a need for good quality data." That simple insight, formed when Bitcoin was trading at single-digit prices and Ong was mining his first coins in 2010, now underpins an enterprise serving Consensys, Chainlink, Coinbase, Ledger, Etherscan, Kraken, and Crypto.com.
The independence that followed CoinMarketCap's acquisition by Binance in 2020 became CoinGecko's defining competitive advantage. "The opposite happened, and users turned towards CoinGecko," Ong observed. "This happened because CoinGecko has always remained neutral & independent when giving numbers." This neutrality matters critically for fintech applications requiring unbiased data sources—Robinhood, Revolut, and PayPal cannot rely on data from competitors like Coinbase or exchanges with vested interests in specific tokens. CoinGecko's comprehensive coverage of 18,000+ cryptocurrencies across 1,000+ exchanges, plus 17 million tokens tracked through GeckoTerminal across 1,700 decentralized exchanges, provides fintech platforms the complete market visibility required for product development.
The Chainlink partnership exemplifies CoinGecko's infrastructure role. By providing cryptocurrency market data—price, trading volume, and market capitalization—for Chainlink's decentralized oracle network, CoinGecko enables smart contract developers to access reliable pricing for DeFi applications. "CoinGecko's cryptocurrency market data can now be easily called by smart contract developers when developing decentralized applications," the companies announced. "This data is available for Bitcoin, Ethereum, and over 5,700 coins that are currently being tracked on CoinGecko." This integration eliminates single points of failure by evaluating multiple data sources, maintaining oracle integrity crucial for DeFi protocols handling billions in locked value.
Ong's market insights, shared through quarterly reports, conference presentations including his Token 2049 Singapore keynote in October 2025 titled "Up Next: 1 Billion Tokens, $50 Trillion Market Cap," and his long-running CoinGecko Podcast, provide fintech companies valuable intelligence for strategic planning. His prediction that gaming would be the "dark horse" of crypto adoption—"hundreds of millions of dollars have gone into gaming studios to build web3 games in the past few years. All we need is just one game to become a big hit and suddenly we have millions of new users using crypto"—reflects the data-driven insights accessible to CoinGecko through monitoring token launches, DEX activity, and user behavior patterns across the entire crypto ecosystem.
The leadership transition from COO to CEO in August 2025, with co-founder TM Lee becoming President focused on long-term product vision and R&D, signals CoinGecko's maturation into institutionalized data provider. The appointment of Cedric Chan as CTO with mandate to embed AI into operations and deliver "real-time, high-fidelity crypto data" demonstrates the infrastructure investments required to serve enterprise customers. Ong framed the evolution: "TM and I started CoinGecko with a shared vision to empower the decentralized future. These values will continue to guide us forward." For fintech platforms integrating crypto, CoinGecko's comprehensive, neutral, and reliable data services represent essential infrastructure—the Bloomberg terminal for digital assets that enables everything else to function.
Technical infrastructure enables seamless user experiences
The transformation from crypto as separate functionality to integrated infrastructure required solving complex technical challenges around custody, security, interoperability, and user experience. These fintech platforms collectively invested billions in building the technical rails enabling mainstream crypto adoption, with architecture decisions revealing strategic priorities.
Robinhood's custody infrastructure holding $38 billion in crypto assets as of November 2024 employs industry-standard cold storage for the majority of funds, third-party security audits, and multi-signature protocols. The platform's licensing by New York State Department of Financial Services and FinCEN registration as money services business demonstrates regulatory-grade security. Yet the user experience abstracts this complexity entirely—customers simply see balances and execute trades within seconds. Johann Kerbrat emphasized this principle: "I think what makes us unique is that our UX and UI are pretty innovative. Compared to all the competition, this is probably one of the best UIs out there. I think that's what we want to bring to every product we build. Either the best-in-class type of pricing or the best-in-class UI UX."
The Crypto Trading API launched in May 2024 reveals Robinhood's infrastructure ambitions beyond consumer applications. Providing real-time market data access, programmatic portfolio management, automated trading strategies, and 24/7 crypto market access, the API enables developers to build sophisticated applications atop Robinhood's infrastructure. Combined with Robinhood Legend desktop platform featuring 30+ technical indicators, futures trading, and advanced order types, the company positioned itself as infrastructure provider for crypto power users, not merely retail beginners. The integration of Bitstamp's smart order routing post-acquisition provides institutional-grade execution across multiple liquidity venues.
PayPal's technical approach prioritizes seamless merchant integration over blockchain ideology. The Pay with Crypto solution announced in July 2025 exemplifies this philosophy: customers connect crypto wallets at checkout, PayPal sells cryptocurrency on centralized or decentralized exchanges, converts proceeds to PYUSD, then converts PYUSD to USD for merchant deposit—all happening transparently behind familiar PayPal checkout flow. Merchants receive dollars, not volatile crypto, eliminating the primary barrier to merchant adoption while enabling PayPal to capture transaction fees on what becomes a $3+ trillion addressable market of 650 million global crypto users. May Zabaneh captured the strategic insight: "As with almost anything with payments, consumers and shoppers should be given the choice in how they want to pay."
Revolut's multi-blockchain strategy—Ethereum for DeFi access, Solana for low-cost high-speed transactions, Stellar for cross-border payments—demonstrates sophisticated infrastructure architecture matching specific blockchains to use cases rather than single-chain maximalism. The staking infrastructure supporting Ethereum, Cardano, Polkadot, Solana, Polygon, and Tezos with automated staking for certain tokens reflects the deep integration required to abstract blockchain complexity from users. Over two-thirds of Revolut's Solana holdings in Europe are staked, suggesting users increasingly expect yield generation as default functionality rather than optional feature requiring technical knowledge.
Kalshi's partnership with Zero Hash for all crypto deposit processing—instantly converting Bitcoin, Solana, USDC, XRP, and other cryptocurrencies to USD while maintaining CFTC compliance—illustrates how infrastructure providers enable regulated companies to access crypto rails without becoming crypto custodians themselves. The platform supports $500,000 crypto deposit limits versus lower traditional banking limits, providing power users advantages while maintaining federal regulatory oversight. John Wang's vision for "purely additive" onchain initiatives—pushing event data onto blockchains in real-time, future tokenization of Kalshi positions, permissionless margin trading—suggests infrastructure evolution will continue expanding functionality while preserving the core regulated exchange experience for existing users.
The competitive landscape reveals collaborative infrastructure
The apparent competition between these platforms masks underlying collaboration on shared infrastructure that benefits the entire ecosystem. Kalshi's partnership with Robinhood, Revolut's integration with MetaMask and Pyth Network, PayPal's collaboration with Coinbase for fee-free PYUSD purchases, and CoinGecko's data provision to Chainlink oracles demonstrate how competitive positioning coexists with infrastructure interdependence.
The stablecoin landscape illustrates this dynamic. PayPal's PYUSD competes with Tether's USDT and Circle's USDC for market share, yet all three protocols require the same infrastructure: blockchain networks for settlement, crypto exchanges for liquidity, fiat banking partners for on/off ramps, and regulatory licenses for compliance. When Robinhood announced joining the Global Dollar Network for USDG stablecoin, it simultaneously validated PayPal's stablecoin strategy while creating competitive pressure. Both Robinhood and Revolut exploring proprietary stablecoins according to Bloomberg reporting in September 2024 suggests industry consensus that stablecoin issuance represents essential infrastructure for fintech platforms, not merely product diversification.
The blockchain network partnerships reveal strategic alignment. Kalshi's KalshiEco Hub supports both Solana and Base (Coinbase's Layer-2), Robinhood's Layer-2 builds on Arbitrum technology, PayPal's PYUSD deploys across Ethereum, Solana, Stellar, and Arbitrum, and Revolut integrates Ethereum, Solana, and prepares for Stellar expansion. Rather than fragmenting across incompatible networks, these platforms converge on the same handful of high-performance blockchains, creating network effects that benefit all participants. Bobby Ong's observation that "we're finally seeing DEXes challenge CEXes" following Hyperliquid's rise to 8th largest perpetuals exchange reflects how decentralized infrastructure matures to institutional quality, reducing advantages of centralized intermediaries.
The regulatory advocacy presents similar dynamics. While these companies compete for market share, they share interests in clear frameworks that enable innovation. Johann Kerbrat's statement that "my goal is to make sure that we can work no matter which side is winning in November" reflects industry-wide pragmatism—companies need workable regulation more than they need specific regulatory outcomes. The passage of the GENIUS Act for stablecoins, the Trump administration's establishment of a Strategic Bitcoin Reserve, and the SEC's closure of investigations into PYUSD without action all resulted from years of collective industry advocacy, not individual company lobbying. May Zabaneh's repeated emphasis that "there has to be some clarity that comes out, some standards, some ideas of the dos and the don'ts and some structure around it" articulates the shared priority that supersedes competitive positioning.
User adoption reveals mainstream crypto's actual use cases
The collective user bases of these platforms—over 700 million accounts across Robinhood, Revolut, PayPal, Venmo, and CoinGecko—provide empirical insights into how mainstream audiences actually use crypto, revealing patterns often divergent from crypto-native assumptions.
PayPal and Venmo's data shows 74% of users who purchased crypto continued holding it over 12 months, suggesting stability-seeking behavior rather than active trading. Over 50% chose Venmo specifically for "safety, security, and ease of use" rather than decentralization or self-custody—the opposite of crypto-native priorities. May Zabaneh's insight that customers want "choice in how they want to pay" manifests in payment functionality, not DeFi yield farming. The automatic "Cash Back to Crypto" feature on Venmo Credit Card reflects how fintech platforms successfully integrate crypto into existing behavioral patterns rather than requiring users to adopt new ones.
Robinhood's observation that users "start going from trading one of their stocks to one of the coins, then get slowly into the crypto world" and show "progression from just holding assets to actually transferring them out using a wallet and getting more into Web3" reveals the onboarding pathway—familiarity with platform precedes crypto experimentation, which eventually leads some users to self-custody and Web3 engagement. Johann Kerbrat's emphasis on this progression validates the strategy of integrating crypto into trusted multi-asset platforms rather than expecting users to adopt crypto-first applications.
Revolut's Learn & Earn program onboarding 3 million users with hundreds of thousands joining monthly demonstrates that education significantly drives adoption when paired with financial incentives. The UK's prohibition of Learn & Earn rewards in September 2023 due to regulatory changes provides natural experiment showing education alone less effective than education plus rewards. Mazen ElJundi's emphasis that "borderless payments represent one of the most promising use cases for cryptocurrency" reflects usage patterns showing cross-border payments and remittances as actual killer apps, not NFTs or DeFi protocols.
Kalshi's user demographics skewing toward "advanced retail investors, like options traders" seeking direct event exposure reveals prediction markets attract sophisticated rather than novice crypto users. The platform's explosive growth from $13 million monthly volume in early 2025 to a single-day record of $260 million in September 2025 (driven by sports betting, particularly NFL) demonstrates how crypto infrastructure enables scaling of financial products addressing clear user demands. John Wang's characterization of the "crypto community as the definition of power users, people who live and breathe new financial markets and frontier technology" acknowledges Kalshi's target audience differs from PayPal's mainstream consumers—different platforms serving different segments of the crypto adoption curve.
Bobby Ong's analysis of meme coin behavior provides contrasting insights: "In the long run, meme coins will probably follow an extreme case of power law, where 99.99% will fail." His observation that "the launch of MELANIA marked the top for meme coins as it sucked liquidity and attention out of all the other cryptocurrencies" reveals how speculative frenzies disrupt productive adoption. Yet meme coin trading represented significant volume across these platforms, suggesting user behavior remains more speculative than infrastructure builders prefer to acknowledge. The divergence between platform strategies emphasizing utility and stablecoins versus user behavior including substantial meme coin trading reflects ongoing tension in crypto's maturation.
The web3 integration challenge reveals philosophical divergence
The approaches these platforms take toward Web3 integration—enabling users to interact with decentralized applications, DeFi protocols, NFT marketplaces, and blockchain-based services—reveal fundamental philosophical differences despite superficial similarity in offering crypto services.
Robinhood's self-custody wallet, downloaded "hundreds of thousands of times in more than 100 countries" and supporting Ethereum, Bitcoin, Solana, Dogecoin, Arbitrum, Polygon, Optimism, and Base networks with cross-chain and gasless swaps, represents full embrace of Web3 infrastructure. The partnership with MetaMask through Robinhood Connect announced in April 2023 positions Robinhood as on-ramp to the broader Web3 ecosystem rather than walled garden. Johann Kerbrat's framing that blockchain technology will "rebuild the entire Robinhood in the EU from the ground up" suggests viewing Web3 as fundamental architecture, not adjacent feature.
PayPal's approach emphasizes utility within PayPal's ecosystem over interoperability with external Web3 applications. While PYUSD functions as standard ERC-20 token on Ethereum, SPL token on Solana, and maintains cross-chain functionality, PayPal's primary use cases—instant payments within PayPal/Venmo, merchant payments at PayPal-accepting merchants, conversion to other PayPal-supported cryptocurrencies—keep activity largely within PayPal's control. The Revolut Ramp partnership with MetaMask providing direct purchases into self-custody wallets represents more genuine Web3 integration, positioning Revolut as infrastructure provider for the open ecosystem. Mazen ElJundi's statement that "Revolut X along with our recent partnership with MetaMask, further consolidates our product offering in the world of Web3" frames integration as strategic priority.
The custody model differences crystallize the philosophical divergence. Robinhood's architecture where "once you purchase crypto on Robinhood, Robinhood believes you're the legal owner of the crypto" but Robinhood maintains custody creates tension with Web3's self-custody ethos. PayPal's custodial model where users cannot withdraw most cryptocurrencies to external wallets (except for specific tokens) prioritizes platform lock-in over user sovereignty. Revolut's model enabling crypto withdrawals of 30+ tokens to external wallets while maintaining staking and other services for platform-held crypto represents middle ground—sovereignty available but not required.
CoinGecko's role highlights infrastructure enabling Web3 without directly participating. By providing comprehensive data on DeFi protocols, DEXes, and token launches—tracking 17 million tokens across GeckoTerminal versus 18,000 more established cryptocurrencies on the main platform—CoinGecko serves Web3 developers and users without building competing products. Bobby Ong's philosophy that "anything that can be tokenized will be tokenized" embraces Web3's expansive vision while maintaining CoinGecko's focused role as neutral data provider.
The NFT integration similarly reveals varying commitment levels. Robinhood has largely avoided NFT functionality beyond basic holdings, focusing on tokenization of traditional securities instead. PayPal has not emphasized NFTs. Revolut integrated NFT data from CoinGecko in June 2023, tracking 2,000+ collections across 30+ marketplaces, though NFTs remain peripheral to Revolut's core offerings. This selective Web3 integration suggests platforms prioritize components with clear utility cases—DeFi for yield, stablecoins for payments, tokenization for securities—while avoiding speculative categories lacking obvious user demand.
The future trajectory points toward embedded finance redefined
The strategic roadmaps these leaders articulated reveal convergent vision for crypto's role in financial services over the next 3-5 years, with blockchain infrastructure becoming invisible foundation rather than explicit product category.
Johann Kerbrat's long-term vision—"We don't really see this distinction between a crypto company and a non-crypto company. Over time, anyone who is basically moving money or anyone who's in financial services is going to be a crypto company"—articulates the endpoint where crypto infrastructure ubiquity eliminates the crypto category itself. Robinhood's stock tokenization initiative, planning to tokenize "any financial instrument in the future, not just US stocks, but anything" with instant broker transfers replacing multi-day settlement, represents this vision operationalized. The Layer-2 blockchain development built on Arbitrum technology for compliance-ready infrastructure suggests 2026-2027 timeframe for these capabilities reaching production.
PayPal's merchant strategy targeting its 20 million business customers for PYUSD integration and expansion of Pay with Crypto beyond U.S. merchants to global rollout positions the company as crypto payment infrastructure at scale. May Zabaneh's emphasis on "payment financing" or PayFi—providing working capital for SMBs with delayed receivables using stablecoin infrastructure—illustrates how blockchain rails enable financial products impractical with traditional infrastructure. CEO Alex Chriss's characterization of PayPal World as "fundamentally reimagining how money moves around the world" by connecting the world's largest digital wallets suggests interoperability across previously siloed payment networks becomes achievable through crypto standards.
Revolut's planned expansion into crypto derivatives (actively recruiting General Manager for crypto derivatives as of June 2025), stablecoin issuance to compete with PYUSD and USDC, and US market crypto service relaunch following regulatory clarity signals multi-year roadmap toward comprehensive crypto banking. Mazen ElJundi's framing of "modernizing finance" through TradFi-DeFi convergence, with Revolut contributing reliable market data to DeFi protocols via Pyth Network while maintaining regulated banking operations, illustrates the bridging role neobanks will play. The investment of $500 million over 3-5 years for US expansion demonstrates capital commitment matching strategic ambition.
Kalshi's 12-month roadmap articulated by John Wang—integration with "every major crypto app and exchange," tokenization of Kalshi positions, permissionless margin trading, and third-party front-end ecosystem—positions prediction markets as composable financial primitive rather than standalone application. Wang's vision that "any generational fintech company of this decade will be powered by crypto" reflects millennial/Gen-Z leadership's assumption that blockchain infrastructure is default rather than alternative. The platform's developer-focused strategy with grants for sophisticated data dashboards, AI agents, and arbitrage tools suggests Kalshi will function as data oracle and settlement layer for prediction market applications, not merely consumer-facing exchange.
Bobby Ong's Token 2049 presentation titled "Up Next: 1 Billion Tokens, $50 Trillion Market Cap" signals CoinGecko's forecast for explosive token proliferation and market value growth over the coming years. His prediction that "the current market cycle is characterized by intense competition among companies to accumulate crypto assets, while the next cycle could escalate to nation-state involvement" following Trump's establishment of Strategic Bitcoin Reserve suggests institutional and sovereign adoption will drive the next phase. The leadership transition positioning Ong as CEO focused on strategic execution while co-founder TM Lee pursues long-term product vision and R&D suggests CoinGecko preparing infrastructure for exponentially larger market than exists today.
Measuring success: The metrics that matter in crypto-fintech integration
The financial performance and operational metrics these platforms disclosed reveal which strategies successfully monetize crypto integration and which remain primarily strategic investments awaiting future returns.
Robinhood's Q4 2024 crypto revenue of $358 million representing 35% of total net revenue ($1.01 billion total) and 700% year-over-year growth demonstrates crypto as material revenue driver, not experimental feature. However, Q1 2025's significant crypto revenue decline followed by Q2 2025 recovery to $160 million (still 98% year-over-year growth) reveals vulnerability to crypto market volatility. CEO Vlad Tenev's acknowledgment of need to diversify beyond crypto dependency led to Gold subscriber growth (3.5 million record), IRA matching, credit cards, and advisory services. The company's adjusted EBITDA of $1.43 billion in 2024 (up 167% year-over-year) and profitable operations demonstrate crypto integration financially sustainable when paired with diversified revenue streams.
Revolut's crypto-related wealth revenue of $647 million in 2024 (298% year-over-year growth) representing significant portion of $4 billion total revenue demonstrates similar materiality. However, crypto's contribution to the $1.4 billion pre-tax profit (149% year-over-year growth) shows crypto functioning as growth driver for profitable core business rather than sustaining unprofitable operations. The 52.5 million global users (38% year-over-year growth) and customer balances of $38 billion (66% year-over-year growth) reveal crypto integration supporting user acquisition and engagement metrics beyond direct crypto revenue. The obtainment of UK banking license in July 2024 after three-year process signals regulatory acceptance of Revolut's integrated crypto-banking model.
PayPal's PYUSD market cap oscillating between $700-894 million through 2025 after peaking at $1.012 billion in August 2024 represents less than 1% of the $229.2 billion total stablecoin market but provides strategic positioning for payments infrastructure play rather than asset accumulation. The $4.1 billion monthly transfer volume (23.84% month-over-month increase) demonstrates growing utility, while 51,942 holders suggests adoption remains early stage. The 4% annual rewards introduced April 2025 through Anchorage Digital partnership directly competes for deposit accounts, positioning PYUSD as yield-bearing cash alternative. PayPal's 432 million active users and $417 billion total payment volume in Q2 2024 (11% year-over-year growth) contextualize crypto as strategic initiative within massive existing business rather than existential transformation.
Kalshi's dramatic trajectory from $13 million monthly volume early 2025 to $260 million single-day record in September 2025, market share growth from 3.3% to 66% overtaking Polymarket, and $2 billion valuation in June 2025 Series C demonstrates prediction markets achieving product-market fit with explosive growth. The platform's 1,220% revenue growth in 2024 and total volume of $1.97 billion (up from $183 million in 2023) validates the business model. However, sustainability beyond election cycles and peak sports seasons remains unproven—August 2025 volume declined before September's NFL-driven resurgence. The 10% of deposits made with crypto suggests crypto infrastructure important but not dominant for user base, with traditional payment rails still primary.
CoinGecko's 677 billion API requests annually and enterprise customers including Consensys, Chainlink, Coinbase, Ledger, and Etherscan demonstrate successful transition from consumer-facing application to infrastructure provider. The company's funding history, including Series B and continued private ownership, suggests profitability or strong unit economics enabling infrastructure investment without quarterly earnings pressure. Bobby Ong's elevation to CEO with mandate for "strategic foresight and operational excellence" signals maturation into institutionalized enterprise rather than founder-led startup.
The verdict: Crypto becomes infrastructure, not destination
The transformation from apps to assets fundamentally represents crypto's absorption into financial infrastructure rather than crypto's replacement of traditional finance. These five companies, collectively serving over 700 million users and processing hundreds of billions in crypto transactions annually, validated that mainstream crypto adoption occurs through familiar platforms adding crypto functionality, not through users adopting crypto-native platforms.
Johann Kerbrat's observation that "anyone who is basically moving money or anyone who's in financial services is going to be a crypto company" proved prescient—by late 2025, the distinction between fintech and crypto companies became semantic rather than substantive. Robinhood tokenizing stocks, PayPal settling merchant payments through stablecoin conversion, Revolut contributing price data to DeFi protocols, Kalshi pushing event data onchain, and CoinGecko providing oracle services to smart contracts all represent crypto infrastructure enabling traditional financial products rather than crypto products replacing traditional finance.
The stablecoin convergence exemplifies this transformation. As McKinsey forecast $2 trillion stablecoin circulation by 2028 from $250 billion in 2025, the use case clarified: stablecoins as payment rails, not stores of value. The blockchain benefits—instant settlement, 24/7 availability, programmability, lower costs—matter for infrastructure while fiat denomination maintains mainstream acceptability. May Zabaneh's articulation that stablecoins represent crypto's "killer app" by "combining the power of the blockchain with the stability of fiat currency" captured the insight that mainstream adoption requires mainstream denominations.
The regulatory breakthrough in 2024-2025 through MiCA, GENIUS Act, and federal court victories for Kalshi created the clarity all leaders identified as prerequisite for mainstream adoption. May Zabaneh's statement that "there has to be some clarity that comes out, some standards, some ideas of the dos and the don'ts" reflected universal sentiment that regulatory certainty mattered more than regulatory favorability. The companies that invested in compliance-first strategies—PayPal's full BitLicense, Robinhood's meeting with SEC 16 times, Kalshi's CFTC litigation, Revolut's UK banking license—positioned themselves to capitalize when clarity arrived.
Yet significant challenges persist. Robinhood's 35% Q4 revenue dependence on crypto followed by Q1 decline demonstrates volatility risk. Revolut's €3.5 million AML fine highlights ongoing compliance challenges. PayPal's PYUSD capturing less than 1% stablecoin market share shows incumbent advantages in crypto markets. Kalshi's sustainability beyond election cycles remains unproven. CoinGecko's challenge competing against exchange-owned data providers with deeper pockets continues. The path from 700 million accounts to mainstream ubiquity requires continued execution, regulatory navigation, and technological innovation.
The ultimate measure of success will not be crypto revenue percentages or token prices but rather crypto's invisibility—when users obtain yield on savings accounts without knowing stablecoins power them, transfer money internationally without recognizing blockchain rails, trade prediction markets without understanding smart contracts, or tokenize assets without comprehending custody architecture. John Wang's vision of prediction markets as "Trojan Horse for crypto," Mazen ElJundi's "bridge between Web2 and Web3," and Bobby Ong's philosophy that "anything that can be tokenized will be tokenized" all point toward the same endpoint: crypto infrastructure so seamlessly integrated into financial services that discussing "crypto" as separate category becomes obsolete. These five leaders, through parallel execution of convergent strategies, are building that future—one API request, one transaction, one user at a time.