crypto strategy

Revolut “assessing the best time” for the native launch of RevCoin Cryptocurrency

Revolut is “currently evaluating the best time” to launch its native cryptocurrency this year.

A challenger bank spokesperson said Decrypt via email that it is “currently evaluating market conditions and assessing the best time to launch RevCoin in the coming months.”

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

Anonymous sources speaking to CoinDesk in an interview from September 2021 claimed that Revolut was working on something “something like an exchange token”, but that it would not be a stablecoin.

A stablecoin is a cryptocurrency pegged to a fiat currency, such as the dollar or the pound.

The sources compared the potential future supply to card issuer Wirex’s WXT token, which allows consumers to receive 2% cashback on their credit card purchases in the form of proprietary cryptocurrency.

Revolut’s crypto ambitions

The challenger bank launched its crypto offering in December 2017allowing users to buy, sell and trade 25 of the most popular cryptocurrencies, way ahead of other consumer-facing banks.

Revolut has gradually continued to expand its crypto offering over the past few years, added 11 new tokens in April 2021 including gimbal and filecoinso what Dogecoin in June 2021.

It looks like the company is continuing with its pro-crypto strategy; the company has received a long-term authorization to begin offering regulated crypto services in the UK in August 2022 by the country’s Financial Conduct Authority (FCA).

But with a recently volatile bear market in the crypto space, from June 2022 to the start of crypto winterand intensifying during the FTX Collapse in Novemberyou can understand why Revolut may be waiting to assess its options.

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