- Revolut planned to launch native token RevCoin late last year.
- The crypto push had to be slowed due to FTX’s liquidity crunch.
- Revolut recently obtained a license in Cyprus and plans to expand further.
British neobank Revolut is continuing the crypto push with the upcoming launch of its native token – RevCoin. The crypto-focused bank introduced its crypto card at the end of last year, which makes it possible for customers to use both cryptocurrencies and fiat funds with the same card while also receiving 1% cashback for primarily using the crypto balance.
The fintech giant described the new cryptocurrency RevCoin as “loyalty-based,” hinting that it would be awarded to active crypto community members in activities and might be included in Revolut’s Learn to Earn programs. Recently, the crypto learning program added 1inch (1INCH), the native crypto of the crypto exchange aggregator.
Slowed Down Plans Due to Crypto Winter
Revolut has also become a prominent player in the United States crypto market. In September 2022, the U.S. subsidiary of Revolut added two popular dog-themed coins, Shiba Inu (SHIB) and Dogecoin (DOGE), for American customers.
However, things generally went slowly in 2022 due to FTX’s liquidity crunch, as the world’s second-largest crypto exchange went bust overnight. The corrupt FTX founder Sam Bankman-Fried’s impact on the crypto market is still felt by many, even though crypto adoption is significantly increasing.
Moreover, Revolut CEO Nikolay Satoransky revealed that revenue from the app’s crypto trading tools had dropped dramatically from 35% in 2021 to just 5% in 2022. There are plans to launch a non-custodial wallet on Ethereum’s (ETH) blockchain, offering a multi-chain DeFi crypto wallet.
Revolut CEO Nik Storonsky said their long-rumored native cryptocurrency "Revcoin" will function as a tradable form of loyalty. It also mentioned its plans to launch Revolut’s non-custodial wallet on the ETH network, with the long-term goal of a multi-chain wallet. pic.twitter.com/oO0IZfSBdY— Lorena Armenta (@fly2k777) May 20, 2022
On the Flipside
- Revolut is still waiting for a British banking license. The UK regulators have reviewed their application for over two years.
Why You Should Care
Revolut is one of the most prominent pro-crypto banks, offering services that let customers easily switch between fiat and cryptocurrencies.
Learn more about the latest developments in crypto adoption: