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However, the timing for a Revolut crypto token is subject to approval from the United Kingdom’s regulators.
Revolut, a London headquartered fintech company, is reportedly working to launch its crypto token similar to Binance’s BNB. According to people familiar with the matter who spoke with CoinDesk, the token is a ‘Revolut users earn a token’ type of thing, similar to Wirex and Nexo.
However, the timing for a Revolut crypto token is subject to approval from the United Kingdom’s regulators. Reportedly, the Revolut crypto token will focus on the European market and other markets outside of the United States to start with.
A crypto token meant to appreciate customers will help the firm attract more customers and stay ahead of its competitors. Notably, the firm offers banking services including commission-free stock trading, crypto trading, and commodities.
The $33 billion firm could see its valuation scale higher, should the crypto token project materialize amid the ongoing crypto adoption. Moreover, there has been a notable interest in reliable digital assets from both international investors and retail traders according to a recent study by CoinShares.
The firm has significantly expanded its market this year alone. Whereby it entered the Japanese market a few months ago and has expanded its staff from 1500 to around 5000.
Notably, having acquired a UK banking license at the beginning of the year, Revolut has attracted major investors. In mid-July, the firm closed a private funding round with $800 million, thereby raising its market value to $33 billion.
Some of the notable investors in Revolut include SoftBank Group and Tiger Global Management.
Revolut and Its Market Outlook amid Token Plans
Founded back in 2015, the firm has grown to a respectable fintech company leveraging the best technology to provide financial services. Consequently, the firm has seen its revenues rise over the years to become a profitable company.
Earlier this year, Revolut’s chief finance, Mikko Salovaara, said the company went on to experience “very strong profitability in the first quarter” of 2021. However, Salovaara would not confirm whether it was heading for its first annual pretax profit on record. “We don’t give any forecasts, but so far so good,” he said.
The firm also noted that crypto-related services account for approximately 15-20% of its revenues. Hereby making the launch of its crypto token a major step towards attracting crypto investors and traders from all over the world.
Notably, the fintech firm takes pride in over 16 million customers spanning from different countries. Additionally, the firm reports facilitating over 150 million transactions per month.
With the support of over 50 crypto coins including Bitcoin, Revolut is well poised to take up opportunities presented by the Covid crisis.