Journalists have learned of Revolut’s plans to launch its own token

October 7, 2021

Journalists have learned of Revolut's plans to launch its own token

UK-based Revolut is considering launching its own token. CoinDesk reports this, citing sources familiar with the fintech company's plans.

According to one of them, it's not about a stabelcoin - Revolut is working on "something like a stock exchange token similar to Binance Coin". He compared the coin's distribution mechanism to the native assets of processing service Wirex (WXT) and cryptocurrency lender Nexo.

The source added that Revolut needs to get approval from the UK Financial Conduct Authority before releasing the token. It will target customers in Europe and jurisdictions outside the US, the second source explained.

Revolut raised $800 million in July at a valuation of $33 billion. Later, its founder Nicholas Storonsky said that the company's revenue should be in the range of several billion dollars per year before going public.

Recall that in September, Revolut entered into an agreement with flexible workspace provider WeWork, under which it will pay in bitcoin for office rent in Dallas.

Earlier, the fintech company announced the launch of commission-free stock trading in the US.

I have collected the best-rated crypto exchanges that were approved as the safest platforms. Fees when buying and selling which cryptocurrency. Buying Vechain: What does it depend on?

About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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