Revolut, a leading fintech firm with a global user base of over 25 million, seems to be readying the launch of its own token, named RevCoin. The company's representatives have stated that they are currently assessing the most favorable market conditions to release the token in the upcoming months.
Revolut was valued at $33 billion in its last funding round in July 2021, and anonymous sources reported in September 2021 that the company was working on "something like a trading token" but it wouldn't be a stablecoin.
This move is believed to be similar to that of Wirex, which allows customers to receive a 2% refund in cryptocurrency on their credit card purchases by using its token WXT.
Revolut first introduced its crypto offering in December 2017, enabling its users to buy, sell and trade 25 different cryptocurrencies before any other consumer-facing bank. The company has continuously expanded its crypto offerings by adding 11 new tokens in April 2021, featuring Cardano and Filecoin, followed by Dogecoin in June 2021.
Revolut's pro-crypto stance is clear and it has been granted long-term authorization by the Financial Conduct Authority (FCA) to offer regulated crypto services in the UK in August 2022. However, with a bearish and volatile market starting in June 2022, it's understandable that the company is being cautious with this move.