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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 reports, it appears that global financial app Revolut is deciding when would be the best time to launch its RevCoin crypto.
Specifically, a company spokesperson reportedly stated the following:
“[Revolut] is scoping the market conditions and assessing the best time to launch RevCoin in the coming months.”
Thus, this is not an official communication at the moment, but apparently the British financial technology company, which offers banking services, is in the process of joining other fintech apps that have their own native tokens.
One example that Revolut could approach is the launch of credit card issuer Wirex’s WXT token, which allows consumers to receive 2% cashback on credit card purchases in the form of a proprietary cryptocurrency.
Revolut: RevCoin may not be a stablecoin
Revolut’s plan to launch its own native token is not new. In fact, as early as September 2021, it appears that the fintech app had given interviews about it.
And indeed, already at that time, the hypothesis of RevCoin was alleged to be a true cryptocurrency token, somewhat like BNB is for Binance, and not a stablecoin, whose value is pegged to that of a fiat currency.
Even then, there was talk of rewards and prizes for its users in the form of the native token, something that related to the fact that crypto services on Revolut generate the company 20% of its revenue.
However, the announcement was put on hold pending some approvals on the project from UK regulators.
In this regard, Revolut which is already one of the UK’s largest fintechs with a license to operate within the European Union, also obtained one from the Financial Conduct Authority (FCA) to operate in its home country only last September 2022.
This means that there may already be a greenlight to proceed with the launch of RevCoin but that the company may be evaluating the best market conditions to do so, given the long crypto winter, intensified by the FTX event, which is only now slowly entering its new “spring.”
Revolut and the crypto world
Revolut is already a platform that offers its users the ability to buy, sell, and trade cryptocurrencies, and has been doing so since December 2017. Not only that, over the years its token offering has expanded so much that in July 2021 alone, there were as many as 53 crypto assets on the platform.
An offering that, with its “New Tokens Tuesday” campaign that year, saw support added for cryptocurrencies such as ATOM, ALGO, SOL, MATIC, NKN, CELO, DOT, ICP, DOGE, AAVE, COMP, CRV, SUSHI, 1INCH, and many others.
Currently, the fintech company is among the largest in Europe in terms of its value, with more than 25 million users worldwide and a valuation of $33 billion, recorded during its latest $800 million funding round led by SoftBank and trigger Global.
The return of the cryptocurrency market capitalization above the trillion-dollar mark
A few days ago, the total crypto market capitalization was found to be back above the trillion-dollar mark, a figure not seen since the collapse of the FTX crypto-exchange was made official on 9 November 2022.
Indeed, it had been since 8 November that the total crypto market cap had not seen this figure: $1 trillion, and at last, it appears that this “barrier” has been crossed.
Among the factors in the crypto “comeback,” there are definitely the rising prices of BTC and ETH, both of which have increased to the current price of nearly $21,000 and above $1,500, respectively.
What’s more, the change in sentiment registered by crypto investors, along with the decline in inflation and the USD, have also 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 US has fallen by 0.1%, the USD dollar has also declined.
Essentially, over the past week, crypto prices and the dollar have moved in reverse directions, now registering a rise by BTC and ETH vs a fall in the USD. This could mean that investors are abandoning the fiat currency.