Revolut, the UK’s most valuable fintech, is reportedly looking to ramp up its prevalence in the world of cryptocurrency by launching its own token.
The company, which has attained a valuation of $33 billion, has made headway in offering cryptocurrency buying as a central part of its services. But now Revolut appears set to go one step further in creating and launching its own cryptographic token, according to two sources.
“It’s a ‘Revolut users earn a token’ type of thing, similar to Wirex and Nexo,” a source told CoinDesk, in reference to the WXT token and NEXO respectively.
The move is likely to see Revolut launching something that resembles an exchange token rather than a standalone stablecoin – indicating that we’re more likely to see something more similar to Binance’s BNB than Tether’s USDT, for instance.
As the data above shows, Revolut’s ambitions towards growth into the world of cryptocurrencies is forecast to be supplemented by broader levels of app adoption. By 2025, 8.9% of the UK population are expected to have opened a Revolut bank account, while today, the fintech company has over 16 million total users.
Currently, Revolut has avoided commenting on the speculation, although the company’s push towards becoming a key player in the world of cryptocurrencies suggests that there may be some substance to the story.
Building towards cryptocurrency adoption
Revolut’s enthusiasm towards cryptocurrency, and, specifically, Bitcoin, can’t be underestimated. Recently, the company announced that it would be paying for a WeWork membership in Dallas via BTC. Revolut has also confirmed that it had secured a US broker-dealer licence in recent weeks, enabling the company to expand into American retail capital markets – moving into direct competition with Robinhood in the process.
Revolut has already made moves akin to their major US rivals in Robinhood and PayPal by enabling users to buy and hold cryptocurrencies within its fintech banking app. However, as things stand, the platform doesn’t share the same levels of functionality that users can experience in buying and trading within cryptocurrency exchanges. The development of Revolut’s own token has the potential to change this.
In a June earnings call, Revolut claimed that crypto services amounted to around 20% of the company’s revenue. In offering exposure to over 50 tokens at present, cryptocurrency has a strong foothold on Revolut’s entire repertoire of investing services, with the platform seeing around 150 million transactions per month.
As a means of ramping up its cryptocurrency incentives for customers, Revolut has slashed fees for customers in the US across various products.
The firm’s customers in the United States now have the ability to trade up to $200,000 in various cryptocurrencies each month commission-free. Prior …….