Zama’s ZAMA token began trading on Revolut across the European Economic Area on Monday, placing a privacy-focused Ethereum asset in front of the fintech app’s customer base without requiring existing users to open a separate crypto account. Revolut said customers can buy, hold and withdraw ZAMA to self-custody wallets, while Zama said the distribution could extend access to its encrypted onchain protocol beyond specialist DeFi users.
The listing gives a token with a market value of about $105 million access to a platform serving more than 70 million customers globally, including more than 15 million Revolut users who already trade cryptocurrency through the app, according to the companies. ZAMA was trading near $0.04 on Aug. 11, with roughly $1.3 million in daily decentralized-market volume cited in the supplied market data.
Trading fees start at zero in Revolut’s main app, according to the company. The ability to withdraw tokens matters for users seeking to interact directly with Ethereum applications or hold assets in wallets they control, rather than leaving balances inside the app.
Privacy protocol reaches a retail-facing platform
Zama is building encryption technology intended to make public blockchain activity less exposed without moving transactions to a separate privacy network. Its protocol uses fully homomorphic encryption, or FHE, a cryptographic method that allows computations to be performed on encrypted data.
Applied to Ethereum, that approach would allow smart contracts to process information such as token balances, transaction amounts and trading positions while keeping the underlying details encrypted. Public blockchains normally reveal wallet balances and transaction histories by design, creating a challenge for users and institutions that want programmable settlement but cannot expose sensitive financial data.
Zama’s design aims to keep that activity on public networks rather than relying on a dedicated private chain. The company has positioned the protocol as infrastructure for applications that need confidentiality while retaining Ethereum’s settlement layer and composability with existing smart contracts.
Rand Hindi, Zama’s chief executive officer, has argued that consumers expect privacy in routine financial activity and that encrypted public-network data could become a standard feature of blockchain applications. The Revolut listing brings that thesis into a retail distribution channel, though purchasing ZAMA does not itself make a user’s Ethereum transactions private; users would need to use applications built with Zama’s technology.
Token follows encrypted DeFi and issuer-focused expansion
The Revolut rollout comes after Zama expanded its work into confidential lending, tokenized real-world assets and institutional token operations.
In June, Zama partnered with Morpho and Steakhouse Financial on a confidential DeFi yield vault on Ethereum. Yield vaults typically pool deposited assets and deploy them through strategies designed to generate returns. Adding encryption could allow participants or managers to limit public visibility into positions and balances, an issue that can deter larger financial firms from using fully transparent DeFi infrastructure.
In May, Zama acquired TokenOps, a company focused on token distribution operations. Zama said the acquisition would support encrypted token distributions for institutional issuers, an area where public visibility can complicate allocations, vesting schedules and treasury management.
Those initiatives place the token listing alongside a business strategy aimed at both retail availability and enterprise-style blockchain use. Revolut can make ZAMA easier to acquire, while lending vaults and issuer tools create potential uses for the encryption network beyond token trading.
Auction launch used encrypted bidding
ZAMA launched in February following a sealed-bid Dutch auction that used the protocol’s encryption features on Ethereum. Zama said more than $121 million was shielded during the auction.
A Dutch auction generally begins with a high price that declines until demand clears the offered supply. In a conventional onchain auction, publicly visible bids can enable participants to react to one another’s orders or attempt to gain an advantage from pending transactions. Encrypting bids is designed to reduce that visibility during the sale process.
The launch method gave Zama an early demonstration of its technology under live market conditions, rather than limiting FHE to a development-stage concept. It also connected the token’s initial distribution to the privacy function that the project is now trying to bring to lending, token issuance and other Ethereum applications.
Liquidity may take time to catch up with access
A Revolut listing can increase the number of people able to buy ZAMA, but it does not automatically create deep onchain liquidity or broad usage of the underlying protocol. With daily decentralized trading volume around $1.3 million, the token remains relatively small beside the scale of Revolut’s customer base.
That gap may produce more attention around the asset while leaving price discovery dependent on available market liquidity. Traders will likely watch whether activity grows across the venues where ZAMA already trades and whether withdrawals lead to greater use in Ethereum applications built around Zama’s encryption tools.
Revolut has been reducing crypto transaction costs as it seeks to make digital-asset trading more accessible within its app. The company said it cut some fees by nearly 96% in recent months, reducing base rates to nine basis points for eligible trading activity. Lower fees can make smaller purchases less costly, particularly for users testing a newly listed token.
For Zama, the more durable measure will be whether its encrypted applications attract deposits, issuers and developers. The Revolut launch gives the token a much larger consumer storefront; the protocol’s adoption will depend on whether confidential onchain lending, token operations and other uses solve privacy constraints that have limited activity on transparent blockchains.
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