Payments app company Revolut might launch its own crypto token
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The global payments app company Revolut apparently has plans to launch its own exchange-based cryptocurrency token.
According to a report, two sources “with knowledge of the plans” revealed to CoinDesk the fintech is looking to create a token for use on its payments and trading app.
It would likely operate with the utility of an exchange token – such as Binance’s BNB, or FTX’s FTT.
It’s speculation for now, but this could give Revolut users the potential earn crypto rewards by holding and using the Revolut token for transactions.
Any launch, CoinDesk’s sources added, would be subject to approval from the UK regulatory body, the Financial Conduct Authority (FCA). And the token, if it goes ahead, will apparently initially be rolled out in Europe.
Big. Wonder if they'll reward early revolut adopters.https://t.co/NhHeqMlaNi
— Tim Copeland (@Timccopeland) September 27, 2021
Revolut, founded and headquartered in the UK, is a payments app with a US$33 billion valuation and is available in European Economic Area countries, Australia, Singapore, Switzerland, Japan and the United States.
Beyond its payments/transactional utility, it also enables its users to invest and trade in stocks, commodities, and other assets, including more than 30 cryptocurrencies.
Much like the popular trading app Robinhood, however, for most of the lifespan of its crypto-trading capabilities, Revolut has only allowed digital assets to be held within the app and converted to fiat currency.
Both companies have been taking steps this year, however, to reverse that strategy. In May, Revolut began to allow withdrawals of Bitcoin to private wallets for its UK users and said its goal is to eventually enable withdrawals for other cryptos, more broadly.