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Fintech giant Revolut is planning to introduce a platform-owned token

Revolut, a London-based fintech company valued at $ 33 billion and offering cryptocurrency purchases as part of its service, plans to launch its own token, according to a report. Coindesk.

One of the people Coindesk spoke to said Revolut was working on something like an exchange coin like Binance’s BNB or the KCS. Kucoin.

Regarding the timing of the Revolut token’s launch, the source said it needs to be approved by the UK’s Financial Conduct Authority (FCA). The second source said that Revolut’s token launch plans are focused on Europe and other locations outside of the US.

Compared to other big fintech players involved in crypto, the introduction of a token seems to make Revolut stand out from the rest.

Revolut recently announced that it will pay for the WeWork Dallas, Texas office in Bitcoin. The company, which already has a European Union banking license, also announced that it has obtained a US broker-dealer license to compete in the retail market with other big players like Robinhood.

Much like competitors like Robinhood and PayPal, Revolut added the ability for users to buy and hold multiple cryptocurrencies in its banking app, but without the kind of functionality that allows users to buy and trade on cryptocurrency exchanges.

Revolut currently has over 16 million customers worldwide and over 150 million transactions per month. The company is an avid supporter of cryptocurrencies and offers users the option to use over 50 cryptocurrencies.

In its June financial report, Revolut said that crypto services accounted for about 20% of its revenue.

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Sima Yi

According to Coindesk

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.