There are growing rumours that Revolut may launch its own token.
REVOLUT TO LAUNCH CRYPTO TOKEN- COINDESK
— *Walter Bloomberg (@DeItaone) September 27, 2021
At the moment, this is only a rumour from anonymous sources, but the idea makes sense.
Revolut and the native token project
The hypothesis is that of the creation of a real cryptocurrency token, similar to Binance’s BNB, and not a stablecoin with the value pegged to that of a fiat currency.
The launch announcement is reportedly pending approval of the project by UK regulators, so there is no official confirmation as of yet. However, there have been no denials either.
Revolut is a fintech company with a valuation of $33 billion that also offers a cryptocurrency trading service, and its native token design could be similar to those of Wirex (WXT) and NEXO.
If so, the company could offer rewards or prizes to its users in this new native token on its platform.
The company revealed in June that the crypto services it offers generate 20% of all its revenue, so this is certainly an area that has a not inconsiderable weight on its profitability.
Given that other somewhat similar operators are already offering services linked to the issuance of their own tokens, the possibility of Revolut launching a token is more than plausible, although subject to the not-so-obvious approval of the FCA (Financial Conduct Authority).
The plan would be to launch services based on the new token first in Europe, and then elsewhere, but outside the US for the time being.
The company, which is based in London, also holds a European Union banking licence, and has recently obtained another as a US broker-dealer in order to compete in the retail investment sector with companies such as Robinhood.
This makes it subject to regulatory scrutiny, and it needs special approvals to launch projects that are unusual for financial firms operating in traditional markets.
Revolut in the crypto space
Revolut has long been involved in the crypto sector, offering its users the possibility of investing in over 50 cryptocurrencies and tokens.
A few months ago, it also enabled cryptocurrency deposits and withdrawals to and from its platform, albeit with some limitations.
Should the issuance of its own tokens prove successful, it is to be expected that similar companies would do the same, i.e. also operate on traditional financial markets and not exclusively on crypto markets.