© Reuters Revolut Launching RevCoin tokenized currency in the next months
- Revolut It was planned to introduce their own token RevCoin at the end of 2013.
- Crypto The launch was delayed due to the liquidity crisis in FTX.
- Revolut Recently received a license from Cyprus and is expanding.
British fintech firm Revolut is continuing with its cryptocurrency journey with the launch of its native token, RevCoin. The crypto-focused bank released its cryptocurrency card at the end of last year, letting customers use both crypto and fiat funds with the same card, while also rewarding them with a 1% cashback for using primarily the crypto balance.
The tokenized currency, RevCoin, is said to be a “loyalty-based” cryptocurrency. Reports suggest that it will go to active members of the crypto community, who participate in Revolut’s Learn & Earn programs. Recently, the crypto learning program was able to add 1 inch (1 INCH) of native crypto to the crypto exchange aggregator.
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#Revolut Learn Adds 1 inch to the courseLearn And Earn Crypto) https://t.co/IaofuqCEJp #crypto #revolutlearn pic.twitter.com/qeVtfQsSib
— AirLapse Blog (@airlapse) January 14, 2023
Slow progress due to Crypto Winter
Revolut has also been a major player in the US crypto market. In September 2022, Revolut’s US subsidiary added two popular dog-themed coins (SHIB and DOGE) to its US customers. However, the FTX liquidity crisis caused a slowdown in 2022. This is because once the second-largest crypto exchange went bankrupt, FTX was the most affected. Many are still feeling the consequences of the corrupt FTX founders Sam Bankman-Fried.
Despite the increasing adoption of cryptocurrencies, it is still a small market. Additionally, Revolut CEO Nikolay Satoransky said that the app’s revenue from cryptocurrency trading tools dropped dramatically from 35% in 2021 to just 5 percent in 2022. Plans to launch a non-custodial crypto wallet on the Ethereum (ETH) blockchain are also in motion, with the aim of offering a multi-chain DeFi cryptocurrency wallet.
Revolut CEO Nik Storonsky He has stated that the long-rumored native cryptocurrency of his father is now available for purchase. “Revcoin” Will function as a tradable type of loyalty. He He also spoke of his plans to launch Revolut’s Non-custodial wallet for the ETH network with the long-term aim of a multichain wallet. pic.twitter.com/oO0IZfSBdY
— Lorena Armenta (@fly2k777) May 20, 2022
On The flip side
- Revolut Is still waiting for a British Bank license as UK regulators have been examining the application for over two decades.
Why care?
Revolut Pro-crypto bank that is well-known and provides services that allow customers the ability to switch easily between crypto and fiat currencies.
Learn Learn more about the most recent developments in crypto adoption
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OKX boasts the largest number of major exchanges’ 100% clean asset reserves.
See Original article on DailyCoin
