Revolut is Warming Up to Unveil New Crypto Token

Recent reports show London-based financial firm Revolut is stretching its hands across the sea. They are planning to introduce its crypto token to the world. According to a source relative to the matter, Revolut will soon launch a crypto token.

Interestingly, the source said that the timing of Revolut comes after the approval from U.K regulators. Nonetheless, the information does not come directly from Revolut but two people with knowledge of the plans.

A Glimpse of the Crypto Token

One of the sources revealed that Revolut is working on something similar to an exchange token like Binance’s BNB. The source conversely refuted the bank’s launching a sort of stablecoin.

The source compared the new token to Wirex and Nexo. The person said that it was a ‘Revolut users earn a token’ type of thing. Consequently, the source referred to the card issuer’s WXT token and the crypto lender’s NEXO, respectively.

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What’s more, the bank’s timing of the launch did not just come out of the blue. In fact, Revolut timed the token launch depending on approval from the U.K.’s Financial Conduct Authority (FCA).

Reasons for Launching a Crypto Token

On the other hand, the second source claimed that Revolut had other intentions for launching its crypto token.

The person said that Revolut wanted to focus on Europe and other locations outside the U.S. for the time being.

Nonetheless, Revolut, which offers cryptocurrency buying as part of its services, declined to comment on the launch.

In comparison to other prominent fintech players in crypto, the bank seems to be setting the pace by launching a token.

Revolut’s Accelerated Growth

Just recently, the U.K.-based digital bank partnered with office-sharing giant WeWork. Revolut became the first WeWork’s enterprise member to pay for office space using cryptocurrency. The bank utilized Bitcoin to pay for its 300-employee office space at a WeWork site in Dallas, Texas.

Revolut already has a European Union banking license to make good use of its services across Europe. Nonetheless, the firm needed to compete in the broader retail capital markets. That’s why the firm announced that it had secured a U.S. broker-dealer license. This license will aid the digital bank to participate significantly in the retail capital markets space with firms like Robinhood.

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Revolut is trying relentlessly to position itself amidst big rivals like Robinhood and PayPal. For example, it incorporated the means to buy and hold various cryptocurrencies within its fintech and banking app. However, it did not include the functionality afforded to users who buy and trade on crypto exchanges.