Revolut is holding off on its token launch to determine the full extent of the damage caused by the FTX crash.
Fast-growing fintech Revolut is presently trying to decide the best time to launch its native token RevCoin. Although Revolut has previously hinted that the RevCoin launch date will be this year, a spokesperson confirms that the specificity of the time will be dependent on the firm’s research. The spokesperson wrote in a statement”
“We are scoping the market conditions and assessing the best time to launch RevCoin in the coming months.”
Furthermore, the company spokesperson who spoke on the condition of anonymity cited the industry-wide contagion from the FTX collapse. According to him, that is a major contributory factor to the delayed launch of the firm’s long-awaited native token. The crash of FTX has somewhat made investors lose interest in cryptocurrencies. As such, Revolut is holding off on its token launch to determine the full extent of the damage caused by the crash.
Revolut Continues Its Crypto Push
It is worth noting that the native token launch is only a fractional part of Revolut’s expansion goals. In a bid to improve its market share against crypto-native platforms, the firm has also been expanding its digital asset offerings.
Back in 2017 when the challenger bank launched its crypto offering, users could only buy, sell, and trade 25 of the most popular cryptocurrencies. However, Revolut has since gone on to add to its crypto offering over the past years, albeit consistently. The firm first added 11 new tokens in April 2021 including Cardano and Filecoin. It also added the popular meme coin Dogecoin (DOGE) in June 2021.
By 2022, Revolut had multiplied its token portfolio four times, currently offering almost 100 cryptocurrencies to its clients in the UK and the EEA.
By all indications, Revolut appears to be keen on its crypto ambition. It obtained approval from UK’s top regulator – Financial Conduct Authority (FCA), for its crypto services last year. Also, it is arguably one of Europe’s most valuable fintech firms. Revolut boasts more than 25 million users globally and was last valued at $33 billion in a July 2021 funding round.
next