Revuto Closes $1.7M Private Round Ahead of Public Sale

Rick Steves

The blockchain startup is the first dApp on Cardano and features a native Revuto Virtual Debit card for paying subscriptions with Cardano-native tokens.

Revuto

Revuto, the blockchain ecosystem optimized to save users money on subscriptions, has just raised $1.7 million in a private round. The blockchain startup is the first dApp on Cardano and features a native Revuto Virtual Debit card for paying subscriptions with Cardano-native tokens. The Revuto app will support all recurring payments and has been designed to handle high transaction volumes at low cost.

Reinventing the Subscription Economy

The subscription economy is booming, but with so many moving parts, users often find themselves in a tailspin of payments they are unaware of or unable to manage. Thanks to Revuto, there is a dApp that will restore some sanity to this rapidly-evolving ecosystem.

The startup’s native token, REVU, is distributed back to users for utilizing Cardano-native tokens to pay subscriptions. The REVU token can be staked to earn yield, allowing users to get a loan in stablecoins to pay for subscriptions as well.

REVU will serve as the primary tool of the Revuto ecosystem which is based on micro-lending and borrowing to give users value back from their subscription services. REVU also acts as a governance token through holding and unlocks various features and benefits within the dApp.

Blockchain VC Leads Private Round

The private round concluded before Revuto’s public sale on May 18 was led by BlackDragon Venture Capital. The round lasted a week with many investors desiring a place in Revuto’s vision of bringing blockchain accessibility to a non-crypto literate market while onboarding crypto natives onto the Cardano ecosystem.

BlackDragon commented: “Revuto has shown unparalleled growth in a very short space of time and we’re excited to join its team in this journey and support Revuto and its native REVU token.”

More information on the Revuto public sale can be found here. The May 18 event is the first of two Early Bird sales which will comprise 11% of all of tokens being issued.

Revuto will hold 53% of the supply, as 6% has been sold in private round fundraising, 26% of the tokens will be available in early bird and community sales, and the remaining 15% will be held by the team and advisors. The total supply of REVU will be hard-capped to 280,125,000.

REVU trading will be available in the Revuto dApp through integrations with crypto exchanges and will only be available in the REVU/ADA pairing. Once implemented, Revuto’s native ERC20 converter will bring wrapped REVU (wREVU) to the Ethereum network, allowing users to trade it on decentralized exchanges like Uniswap or SushiSwap.

Read this next

Metaverse Gaming NFT

Despite crypto winter, Fastex grabs $23.2 million in Fasttoken token sale

Fasttoken, part of the Fastex web3 ecosystem, has secured $23.2 million in financing through the private and public token sales of its native cryptocurrency Fasttoken (FTN).

Digital Assets

Iran to repay Russian debts in gold-backed stablecoins

A high-ranking member of the Russian parliament confirmed reports that his country was in talks with Iran to create a stablecoin for foreign trade settlements, to replace the dollar, ruble and Iranian rial.

Digital Assets

SEC denies Cathie Wood’s bitcoin ETF for second time

The approval of a regulated crypto derivative is still looking far less likely, as the US regulators have once again denied Cathie Wood’s application for a long-awaited spot bitcoin exchange-traded fund (ETF).

Executive Moves

Pavel Spirin promoted to Scope Markets CEO following Rostro acquisition

Belize-based FX and CFDs brokerage Scope Markets has promoted Pavel Spirin to take on an expanded role as the company’s chief executive officer. He replaces the outgoing CEO Jacob Plattner, who has also been a major shareholder since he resigned his position as managing director at GKFX.

Retail FX

Public.com goes all-in on alternative investing, launches Rare Sneaker Portfolio

“The concept of curated Portfolios means that our members will be able to invest in categories like art, trading cards, royalties, and real estate without needing to become subject matter experts on individual assets.”

Industry News

State Street taps AWS and Microsoft for cloud and infrastructure solutions

“By standardizing and simplifying our technology operating model, we will be able to more quickly deploy client environments and launch new products and services, while continuing to enhance the resiliency of our technology environment and our business operations.”

Institutional FX

Bitpanda launches Investment-as-a-Service business for banks, fintechs, online platforms

“Financial institutions today have to ask themselves how they aim to cater the increasing demand for modern investing solutions. Building these Individually, means a high startup cost, and products that are often outdated before they are even launched.”

Institutional FX

Options expands market data feeds after partnership with Tools for Brokers

“Our integration with ACTIV Financial marked the beginning of a new era in market data availability and infrastructure. Our teams have come together to provide unparalleled, fully managed market data services alongside Options’ global connectivity and infrastructure.”

Industry News

Recruitment in financial services sector buoyant despite planned mass layoffs

“It remains to be seen what impact this will have on hiring levels within the financial services arena this quarter”, said APSCo, regarding the expected mass layoffs within the financial services sector in England & Wales. 

<