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June 28, 2022
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Revolut would like to release its own token

There are growing rumors that Revolut may release its own token.

Revolut would like to release its own token. The hypothesis is to create a real cryptocurrency token, similar to Binance’s BNB, and not a stablecoin with a value pegged to a fiat currency.

The release announcement is reportedly pending approval of the project by UK regulators, so there is no official confirmation yet. However, there were no denials either.

THE revolution is a $33 billion fintech company that also offers a cryptocurrency trading service, and its native token design may be similar to Wirex (WXT) and NEXO.

In that case, the company could offer rewards or prizes to its users on this new native token on its platform.

The company revealed in June that the cryptocurrency services it offers generate 20% of its entire revenue, so this is certainly an area that has a non-negligible weight on its profitability.

Given that other somewhat similar operators already offer services linked to the issuance of their own tokens, the possibility of Revolut launching a token is more than plausible, although subject to the not-so-obvious approval of the FCA (Financial Conduct Authority).

The plan would be to roll out services based on the new token first in Europe and then elsewhere, but outside the US for now.

The London-based company also holds a European Union banking license and recently obtained another as a broker in the US to compete in the retail investment sector with companies like Robinhood.

This makes it subject to regulatory scrutiny and needs special approvals to launch unusual projects for financial companies operating in traditional markets.

Revolution in crypto space

Revolut has long been involved in the cryptoactive industry, offering its users the possibility to invest in more than 50 cryptocurrencies and tokens.

A few months ago, he also allowed deposits and withdrawals of cryptocurrencies to and from his platform, albeit with some limitations.

If the issuance of their own tokens is successful, it is to be expected that similar companies will do the same, that is, they will also operate in traditional financial markets and not exclusively in cryptoactive markets.

Source: cryptonomist

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