thecoinrepublic.com
- Revolut, a fintech firm with a market capitalization of $33 billion, enables bitcoin purchase as part of its services
- Revolut is developing a type of exchange token
- According to one of the individuals, the timing is subject to approval by UK regulators
According to two people familiar with the plans, Revolut, a fintech startup with a $33 billion valuation that provides cryptocurrency buying as part of its services, is planning to issue its own cryptographic token. Instead of producing a stablecoin, Revolut is reportedly working on something akin to an exchange token, such as Binance’s BNB.
Exchange Tokens Could Be Launched By Revolut
It’s a Revolut user who earns a token type of deal, similar to Wirex and Nexo, according to the source, referring to the card issuer’s WXT token and the crypto lender’s NEXO. This means that owning and using the Revolut token when making payments will give users cryptocurrency incentives. The research didn’t say how much money users could get back for each transaction.
According to sources, the Revolut cryptocurrency will not be live until it receives permission from the Financial Conduct Authority (FCA) in the United Kingdom, and it will first be available in Europe.
Accelerated adoration
Revolut, based in London, recently stated that a WeWork membership in Dallas, Texas, would be paid in bitcoin. The company, which already has a European Union banking license, recently revealed that it had obtained a US broker-dealer license in order to compete with startups like Robinhood in the retail capital markets industry.
Revolut offered the ability to buy and hold a variety of cryptocurrencies within its fintech and banking app, similar to rivals like Robinhood and PayPal, but without the functionality available to customers who buy and trade on crypto exchanges. Revolut today boasts over 16 million customers and processes more than 150 million transactions every month. The company has been a strong promoter of cryptocurrencies and provides customers with access to over 50 different tokens.
In the midst of token plans, Revolut, and it’s market outlook
Founded in 2015, the company has evolved into a reputable fintech organization that provides financial services using cutting-edge technologies. As a result, the company’s revenues have increased over time, and it is now profitable. Revolut’s chief financial officer, Mikko Salovaara, stated earlier this year that the business had extremely significant profitability in the first quarter of 2021. Salovaara, on the other hand, refused to say if it was on track to make its first annual pretax profit. They don’t make any predictions, but so far everything has gone well, he said.
Crypto-related services make for about 15-20% of the company’s revenue, according to the company. As a result, the introduction of its crypto token is a significant step in attracting crypto investors and traders from around the world. Notably, the fintech firm has over 16 million customers from a variety of countries. In addition, the company claims to handle over 150 million transactions per month. Revolut is well-positioned to capitalize on the opportunity given by the Covid issue, as it supports over 50 cryptocurrencies, including Bitcoin.