Revolut Opens the Door to 70 Million for Zama Token

Revolut has listed ZAMA, the native token of privacy-focused cryptography firm Zama, across the European Economic Area as of 11 August. The listing gives more than 70 million Revolut customers access to the token directly through the mainstream fintech app, with zero trading fees and the ability to withdraw ZAMA to self-custody wallets, the company confirmed.

Zama builds on fully homomorphic encryption, a technology that allows data to be processed while encrypted. The company says its approach keeps balances and transaction data private on public networks such as Ethereum, without requiring users to move funds to a separate privacy chain. Zama has described this as blockchain's "HTTPS moment," comparing it to the encryption standard that became widespread on the web in the 2010s.

The token itself launched in February 2026 through a sealed-bid Dutch auction on Ethereum that raised $121 million, according to The Block. ZAMA was trading near $0.04 on 11 August, far below the valuation implied by Zama's June 2025 Series B, which put the company at $1 billion. Existing Revolut users need no new account setup or extra identity verification to trade the token. Revolut said more than 15 million of its customers already trade crypto.

A year of growth and scrutiny

Zama raised $57 million in its June 2025 Series B, reaching the $1 billion valuation. In May 2026 it acquired TokenOps for encrypted token distribution infrastructure. A confidential USDC yield vault built with Morpho and Steakhouse Financial on Ethereum launched in June 2026 and held $23.23 million in deposits as of 16 July, according to crypto.news.

The listing follows a turbulent stretch. In May 2026, a US court order led Circle to temporarily freeze $12.5 million in USDC held in a Zama smart contract. The funds were returned after the order was lifted, but Zama has not publicly explained the circumstances behind the freeze.

Revolut's distribution footprint is what sets this listing apart from earlier ZAMA exchange debuts. Most privacy-focused tokens have struggled to reach mainstream audiences because the venues listing them cater mainly to crypto-native traders. ZAMA now tests whether fully homomorphic encryption, a concept that requires technical explanation, can gain traction when the onramp is a banking app already installed on millions of phones.

The token carries a $121 million public sale and a $1 billion private valuation against a $0.04 market price, a gap worth watching. Whether Revolut's 70 million users will generate enough activity to support healthy liquidity remains unclear, and Europe's evolving MiCA framework could shape the outlook for privacy assets. The Morpho vault's $23.23 million in deposits is another metric to track, as observers try to judge whether it signals sustained adoption or just initial demand.