Revolut Delays the Launch of Its Own Cryptocurrency RevCoin

European fintech unicorn Revolut has postponed the planned launch of its own cryptocurrency due to the crisis engulfing the digital assets industry. The challenger bank was due to launch the product late last year, but bosses decided to press pause after the collapse of crypto exchange FTX in November.

A Revolut spokesperson said: "We are scoping the market conditions and assessing the best time to launch RevCoin in the coming months."

Revolut, Britain's most valuable fintech, whose app boasts 25 million users, spent much of last year expanding its crypto offering while the rest of the industry foundered. It quadrupled the number of tokens its retail customers could trade to more than 100, and in September completed registration with the Financial Conduct Authority​ to offer digital asset services.

That expansion was set to include its own tradable crypto token, dubbed RevCoin. The project was confirmed by chief executive Nik Storonsky in May 2022.

Storonsky said the product would run on the ethereum blockchain network, and would function in a similar way to air miles schemes run by flight operators, where users earn rewards based on how often they use the service.

But the final months of 2022 were tumultuous for the crypto industry, as FTX's failure sent shockwaves through the space, impacting traditional finance firms including BlackRock, Sequoia Capital and VanEck.

Revolut is expected to announce its first year of profitability in the coming weeks, a major milestone for the bank, which was valued at $33bn two years ago after a funding round led by SoftBank and Tiger Global.

Source: Financial News