Revolut to Reportedly Launch Own Cryptocurrency Token

According to a recent report, Revolut seeks approval from UK’s securities regulator to launch its exchange token. Should the initiative be greenlighted, it will start from Europe and other non-US-based locations.

• Citing people familiar with the matter, CoinDesk reported earlier that Revolut – a leading fintech firm – wants to release its cryptocurrency token.
• One of the sources indicated that users would be able to utilize the coin similarly to Wirex and Nexo. However, such a development would be possible only if the initiative received regulatory approval from the UK Financial Conduct Authority (FCA).
• If it goes live, Revolut will focus on the European market at first and other locations outside the United States.
• The London-based company started providing cryptocurrency services a few years back and has only increased the number of offerings. Most recently, the firm added 11 new cryptocurrencies to its platform, including Cardano, Uniswap, Yearn Finance, and Uma.
• Although it’s not the only fintech company providing digital asset products to its clients as it’s competing with the likes of PayPal and Robinhood, the potential implications of its cryptocurrency could be considerable.