Revolut strategizes the perfect moment for RevCoin launch

Revolut is keeping a keen eye on the market as they carefully weigh the perfect moment to unveil their highly anticipated native cryptocurrency, RevCoin.

Anonymous sources revealed to CoinDesk in a September 2021 interview that the fintech giant is working on a new type of token, akin to an exchange token but not quite a stablecoin. The details are yet to be confirmed by Revolut.

The mysterious sources likened Revolut’s potential new offering to the WXT token from card issuer Wirex.

It grants consumers 2% cashback on their credit card purchases, all in the form of a unique and proprietary cryptocurrency.

About Revolut

Revolut stands tall among Europe’s fintech elite, with 25 million users worldwide. The company’s value reached new heights in July 2021, when it was valued at $33 billion during its latest funding round, solidifying its position as a true leader in the industry.

Moreover, it launched its crypto offering as early as December 2017. This forward-thinking move allowed its users to purchase, sell, and trade 25 of the most sought-after cryptocurrencies.

Furthermore, in April 2021, the bank added an additional 11 tokens to its portfolio, including Cardano and Filecoin, and then, in June 2021, it added Dogecoin to its list. 

Revolut’s dedication to its pro-crypto strategy is evident. The firm was granted long-term authorization by the UK’s Financial Conduct Authority (FCA) in August 2022 to commence offering regulated crypto services.

Waiting for the right moment

The crypto space has been known for its volatility, and the recent bear market has been no exception. 

Starting in June 2022, the crypto market took a downturn, which intensified during the FTX collapse in November, making it a challenging time for crypto-related businesses. 

With this in mind, one can understand why Revolut may be taking its time to carefully evaluate its options before making any moves.

“…in the coming months,” a spokesperson said.