Revolut hinted at launching its native token at a later date this year. The challenger bank spokesperson regretted the uncertainty witnessed in today’s crypto market as hindering the launch. The official revealed that Revolut would continue assessing the market conditions till it identifies a suitable time to introduce its RevCoin.
Revolut Advances to Launch RevCoin
Revolut is among the established fintech firms in Europe, with a user base estimated to exceed 25 million. A recent valuation of the firm estimated $33 billion during the last funding round.
Speculations that it was working on a project portrayed as an exchange token began in September 2021. However, speculators ruled out the possibility that Revolut was developing a stablecoin.
Revolut spokesperson ruled out working on a stablecoin he described as crypto pegged to the conventional fiat currency such as the dollar.
Several Revolut advocates consider the RevCoin to mirror the WXT token attributed to Wirex, a renowned card issuer that grants users 2% cashback in proprietary crypto.
The coin replicates the Air Miles Programs by rewarding users relative to service usage. Its introduction coincides with the plans for the non-custodial wallet targeted at supporting non-fungible tokens (NFTs) and DeFi protocols.
Also read:Revolut’s Crypto Journey
The challenger bank ventured into crypto in December 2017, with an offering accommodating 25 leading cryptos before other customer-facing financial institutions.
Revolut portrays progressive advancement to expand crypto offering by including 11 additional tokens in April 2021, among them Cardano, Filecoin and Dogecoin two months later.
Today, Revolut is prioritizing a pro-crypto campaign set to last till the crypto winter ends. Recently the firm lauded the receipt of long-term authorization to offer crypto-related services within the UK in August 2022 by the Financial Conduct Authority (FCA).
The prevailing bearish steam within the crypto space starting in June 2022 has compelled Revolut to delay launching the RevCoin. In addition, the intensifying contagion effect following the calamitous FTX decline 8n November 2022 has expanded the victims battling financial woes and liquidity crisis, among them Genesis Global and parent firm DCG.
Such eventualities explain why Revolut plays the waiting card to examine the available options.
Editorial credit: Rodrigo Garrido / Shutterstock.com
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