In an update earlier today, global tech conglomerate Meta shared news of its latest moves surrounding digital collectibles. From September 29th, subsidiaries Facebook and Instagram will now allow users to link their virtual wallets with their accounts and also share non-fungible tokens. Users Across 100 Countries Can Access New Meta Feature Everyone on @instagram and @facebook can now share their digital collectibles in the US, and on Instagram in the previously announced 100+ countries,” Meta announced in a tweet. https://twitter.com/MetaNewsroom/status/1575486040349245446?s=20&t=TpIDHfYcRCtVRMNrwYhWiA…
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
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.
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.
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.