One of europe’s most valuable fintech firms, is currently assessing the best time to launch its native cryptocurrency this year. the firm, which has over 25 million users worldwide and was valued at $33 billion in its latest funding round in july 2021, first launched its crypto offering back in december 2017. since then, revolut has progressively continued to add to its crypto offering, adding 11 new tokens in april 2021, as well as dogecoin in june 2021. revolut received long-term authorization to begin offering regulated crypto services in the uk in august 2022.
Launch of revolut’s native cryptocurrency is expected to take place sometime this year. anonymous sources speaking to coindesk in a september 2021 interview claimed revolut is working on something “something like an exchange token,” but that this would not be a stablecoin. the sources compared the potential future offering to card issuer wirex’s wxt token, which allows consumers to receive 2% cashback on their credit card purchases in the form of a proprietary cryptocurrency.
Crypto space has been recently volatile, beginning in june 2022 during the start of crypto winter, and intensifying during the ftx collapse in november. this volatility has likely played a role in revolut’s decision to assess the best time to launch its native cryptocurrency. with the long-term authorization to begin offering regulated crypto services in the uk, revolut is well-positioned to capitalize on the crypto market when the time is right.