Crypto: Revolut ready to launch RevCoin

Revolut may be planning to launch its native crypto, RevCoin, “in the coming months.” This was stated by the company’s spokesperson.

Revolut and the launch of its cryptocurrency RevCoin

According to reportsit appears that the global financial application Revolut is deciding when would be the best time to launch its RevCoin cryptocurrency.

Specifically, a company spokesperson reportedly stated the following:

“[Revolut] examines market conditions and assesses the best time to launch RevCoin in the coming months.”

So this is not an official communication at the moment, but apparently the British fintech company, which offers banking services, is in the process of joining other fintech applications that have their own native tokens.

One example that Revolut could access is credit card issuer Wirex’s WXT token launchwhich allows consumers to receive 2% cashback on credit card purchases in proprietary cryptocurrency.

Revolut: RevCoin may not be a stablecoin

Revolut’s plan to launch its own native token is not new. In fact, as early as September 2021, the fintech app appears to have gave interviews about that.

And indeed, already at that time, the RevCoin hypothesis is supposedly a true cryptocurrency tokensomething like BNB for Binance, not a stablecoinwhose value is linked to that of a fixed currency.

It was already talked about rewards and rewards for its users in the form of native tokensomething that referred to the fact that crypto services on Revolut generate 20% of the company’s revenue.

However, the announcement was made put on hold pending some approvals for the project from UK regulators.

In this sense, Revolut, which is already one of the largest fintechs in the United Kingdom with a license to operate within the European Union, also obtained one of the Financial Conduct Authority (FCA) to operate in the home country as recently as last September 2022.

This means that there may already be a green light to proceed with RevCoin’s launch, but that the company can assess the best market conditions for itconsidering the long crypto winter, reinforced by the FTX event, which is only now slowly entering its new “spring”.

Revolut and the crypto world

Revolut is already a platform that offers its users the ability to buy, sell and trade cryptocurrenciesand has been doing so since December 2017. Not only that, over the years its token offering has expanded so much that it was only in July 2021. there were some as much as 53 crypto assets on the platform.

An offer that that year, with its “New Tokens Tuesday” campaign, added support for cryptocurrencies such as ATOM, ALGO, SOL, MATIC, NKN, CELO, DOT, ICP, DOGE, AAVE, COMP, CRV, SUSHI, 1INCH, and many others.

Currently, the fintech company is among the largest in Europe in terms of its value, with more than 25 million users worldwide and a valuation of $33 billionrecorded during his most recent $800 million funding round led by SoftBank and startup Global.

The return of the cryptocurrency market capitalization above a trillion dollars

A few days ago, the total capitalization of the crypto market found return above the trillion dollar marka figure not seen since the collapse of the FTX crypto exchange was officially announced on November 9, 2022.

Indeed, since November 8, the total crypto market capitalization has not seen this figure: 1 trillion dollars, and finally it seems that this “barrier” has been crossed.

Among the factors in the crypto “return” there are definitely rising prices of BTC and ETHand both rose to a current price of nearly $21,000 and above $1,500 respectively.

What’s more, the change in sentiment seen by crypto investors, along with falling inflation and the USDthey also brought the market back to those levels.

In fact, in this regard, while the Consumer Price Index (CPI) appears to show that inflation in the US has fallen by 0.1%, the US dollar has also fallen.

Essentially, over the past week, cryptocurrency prices and the dollar have moved in opposite directions, now seeing gains for BTC and ETH versus a decline in the USD. This could mean that investors are abandoning fiat currency.


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