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London-based fintech firm Revolut is seeking a license from UK regulators to launch its cryptocurrency token. Although the details of the project have not been revealed, close sources said the token would concentrate on European and other non-US markets at the launch. But in future, it will cover the US region.
The company has an asset valuation of $33 billion and provides cryptocurrency buying services. However, the new token will take the form of Binance’s BNB. This means that the new token will be designed to enable users to have access to more features, helping them save fees when making payments on the Revolut platform.
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Additionally, the token will not only be an investment opportunity, as holders can unlock a lot of benefits, including premium access, discounts, and rewards.
However, sources revealed that there is no specific time placed on the launch date since it will be subject to approval from UK regulators.
Revolut Expands Its Product Offerings
Revolut started providing cryptocurrency buying and selling services in 2017. But it started expanding its crypto offerings this year, increasing its crypto-asset offerings to 53.
The recent news is coming shortly after Revolut announced the launch of a commission-free stock trading platform in the US. Revolut entered the US market last year, and the fintech company has been expanding its operations ever since. It operates under the brand “Revolut Securities” as a licensed broker-dealer. It is also on the verge of introducing a fractional trading feature to lower the investment bar for young investors.
Revolut raises its valuation to $33 Billion
Earlier this year, the fintech firm raised $800 million in a funding round, valuing the company at $33 billion. This is quite a leap from the $5.5 billion valuation of the company in 2020.
Revolut is one of the app-only fintech companies that want to expand their services to banking services. The firm is looking to diversify its revenue stream and provide new services to its existing customers. The market offering alternatives to traditional banks has already become more competitive, and Revolut is living up to the competition.
Other companies like Stripe are offering similar services like Revolut. Stripe is also expanding its offerings as it recently started offering banking services by partnering with banks.