Fintech Revolut Is Launching its Own Token, Which Will Be Earned By Users

Fintech company Revolut that offers cryptocurrency buying, selling, and trading, is now exploring launching its very own cryptocurrency token.

About three months back, the UK-based neo bank raised $800 million in funding at a valuation of $33 billion. Revolut has more than 16 million customers and sees over 150 million transactions per month.

Revolut offers access to more than 50 cryptos and, in its earnings call in June, said crypto services make up about 20% of its revenue.

Now the company is planning to launch its own token, which will be something like an exchange token instead of a stablecoin, reported CoinDesk, citing two people with knowledge of the plans.

“It’s a ‘Revolut users earn a token’ type of thing, similar to Wirex and Nexo,” said the source. Card issuer Wirex has a token called WXT, and the crypto lender Nexo has the  NEXO token.

The launch of the token, for which Europe and locations outside the US are being targeted, is subject to approval from the U.K.’s Financial Conduct Authority (FCA).

The firm already holds a European Union banking license and recently secured a US broker-dealer license to compete with the likes of Robinhood and Square, after launching in the U.S. last year just as the pandemic began.

“We are building a single app where people can manage all aspects of their finances, from banking and foreign exchange, to cryptocurrency and stock trading,” said CEO and founder Nik Storonsky at the time.

A couple of weeks back, Revolut became WeWork’s first enterprise members to pay for office space in Dallas using Bitcoin. The office-sharing giant first began accepting crypto as payment in April.

The company will eventually aim for a public listing in the UK, US, or maybe even a dual listing, Storonsky said.