- Revolut plans to launch its delayed cryptocurrency, dubbed Revcoin, in “coming months”
- The company had planned to launch last year, but held off after the FTX debacle
- Revolut is also planning to launch a non-custodial wallet
Revolut will launch its native cryptocurrency “in the coming months” following delays caused by the impact of the collapse of FTX. The bank had been due to launch the coin, dubbed ‘Revcoin’, at the end of last year, but the rollout was delayed after the collapse of crypto exchange FTX in November and the impact it had on the wider market, according to Financial News. A spokesman told the news site that it was “scoping the market conditions and assessing the best time to launch Revcoin”, which it said would arrive “in the coming months.”
“Tesco Clubcard on Steroids”
Revolut’s planned cryptocurrency has been described as a “Tesco Clubcard on steroids”, with the company rewarding the loyalty of its 15 million+ users. In May last year, Revolut CEO Nik Storonsky told The Block that the coin will function in a similar way to airline air miles programs, where users earn rewards based on how often they use the service. The goal, Storonosky said, was to make “loyalty tradable”, although few details about how it will actually do this have yet been made public.
What is known is that the coin will run on the Ethereum blockchain, and will, presumably, be earned by users who can then sell it on the Revolut platform, with the coin itself bringing certain bonuses that can be available to third-party buyers.
Revolut Quiet on DeFi Wallet and Exchange
Revolut, which has been a long time supporter of cryptocurrencies, is also planning to launch a non-custodial cryptocurrency wallet which the company hopes will help introduce first time users into the complex world of crypto and DeFi. Storonsky told The Block that the wallet would function similarly to MetaMask but with the complex maze of bridging and cross-network transactions hidden from the user.
There is no launch date for the wallet either, with Storonosky only saying last May that it would be launched “hopefully one day”. Last year it was revealed that the company was developing a crypto exchange, but there have been no updates on this recently.
