- Revolut plans to launch the RevCoin token late last year.
- The cryptocurrency push had to be slowed down due to the FTX liquidity crunch.
- Revolut recently obtained a license in Cyprus and plans to expand further.
New UK bank Revolut continues to push cryptocurrencies with the upcoming launch of the bank’s native token – RevCoin. The crypto-focused bank introduced its crypto card at the end of last year, allowing customers to use both cryptocurrency and fiat money with the same card, while also getting 1% cashback for primarily using crypto balance.
The fintech giant described the new RevCoin cryptocurrency as “loyalty-based,” hinting that it will be awarded to active members of the crypto community in activities and may be included in Revolut’s Learn & Earn programs. Recently, CryptoLearning added 1in (1 inch), the original cryptocurrency exchange aggregator.
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#Revolut Learn adds #1 inch course (Learn & Earn Cryptography) https://t.co/IaofuqCEJp #crypto #revolutlearn pic.twitter.com/qeVtfQsSib
– AirLapse Blog (@airlapse) January 14, 2023
Plans have been slowed by the cryptic winter
Besides plans to expand into the European Union, digital bank Revolut has also become a prominent player in the US cryptocurrency market. In September 2022, US subsidiary Revolut added both popular (SHIB) and (DOGE) coins for US customers.
However, things have gone slow in 2022 due to FTX’s liquidity crunch, as the once second largest cryptocurrency exchange worldwide collapsed overnight. The influence of corrupt FTX founder Sam Bankman-Fried on the cryptocurrency market is still being felt by many, even though cryptocurrency adoption has grown exponentially.
Moreover, Revolut CEO Nikolai Satoransky revealed that revenue from the app’s cryptocurrency trading tools has dropped dramatically from 35% in 2021 to just 5% in 2022. With plans to launch a non-custodial wallet on the Ethereum blockchain (ETH), with the ultimate goal of offering a multi-chain DeFi crypto wallet.
Revolut CEO Nick Storonsky said their long-rumored native cryptocurrency “Revcoin” will function as a tradable form of loyalty. It also indicated its plans to launch a non-custodial Revolut wallet on the ETH network, with a long-term goal of a multi-chain wallet. pic.twitter.com/oO0IZfSBdY
– Lorena Armenta (@fly2k777) May 20, 2022
on the flip side
- Revolut is still awaiting a UK banking licence, as UK regulators have been reviewing the application for more than two years.
Why should you bother
Revolut is one of the most prominent pro-cryptocurrency banks, providing services that allow customers to easily switch between fiat and cryptocurrencies.
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