Crypto

Revolut could launch a new crypto: RevCoin

Revolut may be planning to launch its native crypto, RevCoin, “in the coming months”. This was stated by a company spokesperson.

Revolut and the launch of its RevCoin crypto

According to reportsit looks like the global financial app Revolut decides the best time to launch its RevCoin crypto.

Specifically, a company spokesperson reportedly said the following:

“[Revolut] is studying market conditions and assessing the best time to launch RevCoin in the coming months.

So, it’s not an official communication at the moment, but apparently the British fintech company, which offers banking services, is joining other fintech apps that have their own native tokens.

An example that Revolut could approach is the launch of the WXT token from the credit card issuer Wirexwhich allows consumers to receive 2% cashback on credit card purchases in the form of proprietary cryptocurrency.

Revolut: RevCoin may not be a stablecoin

Revolut’s plan to launch its own native token isn’t new. In fact, as early as September 2021, it appears the fintech app had gave interviews about that.

And indeed, already at that time, the hypothesis of RevCoin was supposed to be a real cryptocurrency tokena bit like BNB for Binance, and not a stablecoinwhose value is indexed to that of a fiduciary currency.

Already then, we were talking about rewards and prizes for its users in the form of the native tokensomething that had to do with the fact that crypto services on Revolut generate 20% of its revenue for the company.

However, the announcement was put on hold pending certain project approvals by UK regulators.

In this regard, Revolut, which is already one of the largest fintechs in the UK with a license to operate within the European Union, has also obtained one from the Financial Conduct Authority (FCA) to operate in its home country only in September 2022.

This means that there may already be a green light to proceed with the launch of RevCoin but the company may assess the best market conditions to do sogiven the long crypto winter, intensified by the FTX event, which is only slowly entering its new “springtime”.

Revolut and the crypto world

Revolut is already a platform that offers its users the ability to buy, sell and trade cryptocurrenciesand has been since December 2017. Moreover, over the years, its token supply has expanded so much that in July 2021 alone, there was as much as 53 crypto assets on the platform.

An offering which along with its “New Tokens Tuesday” campaign that year saw the added support for cryptocurrencies such as ATOM, ALGO, SOL, MATIC, NKN, CELO, DOT, ICP, DOGE, AAVE, COMP , CRV, SUSHI, 1INCH, and many more.

Currently, fintech is among the largest in Europe in terms of value, with over 25 million users worldwide and a valuation of $33 billionrecorded during his last $800 million financing round led by SoftBank and trigger Global.

The return of cryptocurrency market capitalization above the trillion dollar mark

A few days ago, the total crypto market cap Was found be back above the trillion dollar marka figure not seen since the collapse of the FTX crypto-exchange was formalized on November 9, 2022.

Indeed, it has been since November 8 that the total crypto market capitalization has not seen this figure: 1,000 billion dollars, and finally, it seems that this “barrier” has been crossed.

Among the factors of the “comeback” of crypto, there are certainly the rise in BTC and ETH pricesboth of which have risen to the current price of nearly $21,000 and above $1,500, respectively.

What else, the change in sentiment recorded by crypto investors, as well as the drop in inflation and the USDalso brought the market back to these levels.

In fact, in this regard, while the Consumer Price Index (CPI) seems to show that inflation in the United States has fallen by 0.1%, the US dollar has also fallen.

Essentially, over the past week, crypto prices and the dollar have moved in opposite directions, now seeing a rise in BTC and ETH against a decline in USD. This could mean that investors are moving away from fiat currency.


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