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Highlights
- After launching an array of cryptocurrency tokens on its platform, London-based Revolut is contemplating a launch of its very own cryptographic token
- However, the Revolut’s token launch will be subjective to the approval of UK’s Financial Conduct Authority (FCA) approval.
After adding an array of cryptocurrency tokens on its platform, London-based Revolut is contemplating a launch of its own cryptographic token. Terming the year 2021 as the "year of crypto at Revolut", the company added 11 tokens on its platform in April. Revolut had some of the leading cryptos such as Cardano, Uniswap, Synthetix, Yearn Finance on to its platform, apart from Bitcoin Cash, Ethereum, Litecoin, Ripple, and others.
According to a report from Coin Desk, unlike earlier estimation that stablecoins could be one of the possible tokens that Revolut could add, the company intends to come out with a token which would be pretty similar to exchange token in nature.
Is Revoult contemplating to launch a token of its own?
However, the Revolut’s token launch is subjective to the UK’s Financial Conduct Authority (FCA) approval. There are a few sections who believe that the Revolut’s token could cater to Europe only and locations outside the US.
Also read: Which companies in UK are accepting cryptocurrency as payment
Crypto adoption
Revolut has been quite aggressive on the adoption of cryptocurrencies on its platform, giving users the freedom to buy or sell crypto token through its platform and has a total 21 crypto listed crypto coins on its platform.
Revolut recently had announced that it would be making Bitcoin payments to WeWork membership in Dallas, Texas. With more than 16 million customers and 150 million transactions per month, Revolut began bitcoin withdrawals to user’s private wallet for the UK customers. The move was a clear indication of the aggressive goal that the company had to make cryptos more viable and friendly to its customers.
Unlike its rivals such as Robinhood, PayPal, Revolut currently only has the facility to hold digital assets in the wallet and do not have the facility to get it converted to fiat currency.
Also read: Why is Songbird (SGB) crypto grabbing eyeballs?
Revolut, which already holds a European Union banking licence, has also secured a US broker-dealer license recently to enter and compete in the retail capital markets space.
A game changer?
Having its own token will give the UK crypto customer a larger presence in the global market as well. If Revolut gets a green signal to launch the token, it will allow the crypto users to gain exposure to a diversified set of market, besides the leading the cryptos.
Revolut has already established itself as popular brand amongst the crypto investors in UK and a successful token launch of its own, will only expand its market base to foreign shores as well. It will surely give an edge over the rivals PayPal and Robinhood and the US broker-dealer licence could well be an indication that the token launch could be few days or months away.
