Revolut ‘Assessing The Best Time’ for Native RevCoin Launch

Revolut is presently “assessing the perfect time” to launch its native cryptocurrency this yr.

A spokesperson for the challenger financial institution informed Decrypt by way of e-mail that it’s presently “scoping the market situations and assessing the perfect time to launch RevCoin within the coming months.”

Revolut is one in every of Europe’s most precious fintech companies, claiming over 25 million users worldwide, and was valued at $33 billion in its latest funding round in July 2021.

Nameless sources chatting with CoinDesk in a September 2021 interview claimed Revolut is engaged on one thing “one thing like an alternate token,” however that this might not be a stablecoin.

A stablecoin is a cryptocurrency that’s pegged to a fiat forex, just like the greenback or the pound.

The sources in contrast the potential future providing to card issuer Wirex’s WXT token, which permits shoppers to receive 2% cashback on their bank card purchases within the type of a proprietary cryptocurrency.

Revolut’s crypto ambitions

The challenger financial institution launched its crypto providing again in December 2017, letting customers purchase, promote, and commerce 25 of the most well-liked cryptocurrencies, properly earlier than different consumer-facing banks.

Revolut has progressively continued so as to add to its crypto providing over the previous years, adding 11 new tokens in April 2021 together with Cardano and Filecoin, after which Dogecoin in June 2021.

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It might seem that the agency is pushing ahead with its pro-crypto technique; the firm received long-term authorization to start providing regulated crypto providers within the UK in August 2022 from the nation’s Monetary Conduct Authority (FCA).

However with a just lately risky bear market within the crypto house, starting in June 2022 through the begin of crypto winter, and intensifying through the FTX collapse in November, you would see why Revolut could also be ready to evaluate its choices.