Revolut to launch Binance-like crypto token

abdelaziz Fathi

London-based neobank Revolut is reportedly seeking a greenlight from the UK regulators to release its own crypto token.

Citing people familiar with the matter, CoinDesk reported about the surprise initiative which would allow Revolut users to earn a “token’ type of thing, similar to Wirex and Nexo.”

The details of the exact plan were not immediately clear and that it’s possible it may not materialize. However, two sources told the publication that Revolut’s token would initially focus on Europe and other non-US markets for the time being.

They also ruled out the possibility of launching a stablecoin-like token and, instead, drew comparisons to Binance’s BNB. This implies that the new token is designed to help users access extra features and save on fees when they make payments on Revolut app.

Furthermore, Revolut’s token would represent more than an investment opportunity, said on source, adding that owning it unlocks a plethora of benefits for users including discounts, rewards, and premium access.

As for the release timing, sources indicated that the roll-out for use on Revolut’s payments and trading app is subject to permission from the United Kingdom’s regulators.

Revolut began offering the ability to buy and sell cryptocurrencies four years ago, but it was only this year when it decided to expand its crypto offering considerably, increasing it to 53 supported tokens.

The recent news comes on the heels of Revolut’s announcement that it plans to roll out its commission-free stock trading platform in the United States.

The fintech unicorn has been operational in the US retail market since 2020 and is now approved as a licensed broker-dealer under the brand “Revolut Securities”. To further sweeten its offering, the broker plans to introduce a fractional trading feature as a way to lower the bar for young investors to as little as $1.

Revolut, which offers banking and trading services through an app, raised $800 million in a funding round that valued the firm at $33 billion. This valuation was a sixfold increase compared to nearly $5.5 billion the UK firm was worth in 2020.

Revolut has been among a number of app-only fintech companies that are looking to branch into banking as they diversify their revenue stream and bring new services to their existing customers.

The new business roll-out comes as the market for Fintech firms offering alternatives to traditional banks has become fiercely competitive. Revolut is already going up against other established rivals, such as Stripe, which recently expanded its portfolio of partner banks that have signed on to offer co-branded banking services.

Read this next

Fintech, Uncategorized

BitMEX integrates HALO from Solidus Labs for cross-market surveillance

““The recent approval of the Spot Bitcoin ETF has piqued the market’s interest. As a result of price volatility, the trading volumes for crypto derivatives have gone up substantially. HALO, with its advanced technology and crypto-native detection architecture, will enable BitMEX to smoothly and safely scale trade surveillance across its increased trading volumes and provide the necessary safeguards for new product launches.”

Industry News

Horizon Software rebrands to Horizon Trading Solutions

“Horizon Trading Solutions has seen accelerated global growth over the past year to meet the rising demand for our trading solutions and built-for-purpose technology offering. The choice to rebrand represents a key part of this development, while maintaining our heritage and history in the industry.”

Market News

USDJPY has surged to levels last witnessed in 2022. Should we consider opening a short position?

The recent resurgence of the US dollar has propelled USD/JPY to new heights, touching levels not seen since 2022. This surge comes against the backdrop of stable short-term yields and ongoing economic data that fails to signal a significant slowdown, prompting questions about the extent of current monetary easing measures.

Digital Assets

DED Trends on Twitter After Memecoin Snapshot Announcement

Polkadot-backed community coin #DED, made it to the trending charts on X, demonstrating community’s engagement and interest behind the memecoin. 

Digital Assets

BlockDAG Presale Nears $10 Million Amid Toncoin’s Momentum, Green Bitcoin’s Presale, and the Rise of Other Top Cryptos

This article will examine three top trending topics: Toncoin’s potential, Green Bitcoin’s innovative presale, and BlockDAG’s sustainable mining approach. These cryptocurrencies take centre stage for their uniqueness and innovation.

Digital Assets

Coinbase scores minor victory vs SEC, but lawsuit to proceed

A federal judge in Manhattan, U.S. District Judge Katherine Polk Failla, ruled on Wednesday that the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Coinbase can largely proceed.

Web3

COTI Teams Up with Civic for Enhanced Digital Identity Control

СOTI and Civic are teaming up to enhance digital identity security in Web3, aiming to provide users with more control over their digital selves through innovative technology.

Digital Assets

BlockDAG Takes on Chainlink (LINK) Crypto, and RON With DeFi Card and 5000x Profit Potential

Explore BlockDAG’s innovative DeFi card, which transforms cryptocurrency into spendable cash, alongside Chainlink (LINK) crypto and Ronin’s advancements.

Digital Assets

Court finally decides on Sam Bankman-Fried sentence, experts predict 20 years

Sam Bankman-Fried, the former CEO of the now-defunct cryptocurrency exchange FTX, is set to face sentencing on Thursday in a pivotal moment that could see the entrepreneur beginning a lengthy period in federal prison.

<