Revolut postpones the launch of its own cryptocurrency

Revolut Bank has postponed the launch of its own cryptocurrency due to the crisis that has engulfed the digital asset sector as a result of the FTX collapse. This was reported by Financial News. A Revolut representative explained that the neobank is delaying the process as the London-based company is now trying to find the best time to issue the cryptocurrency.

The token was supposed to be positioned as a stablecoin. The coin was named Revcoin. The asset will function similarly to the Air Miles program of airlines: customers will receive bonuses depending on how often they use the service. Along with Revcoin, the bank plans to launch a non-custodial wallet in the Revolut app, which will support NFT and DeFi protocols.

Last fall, Revolut announced a large-scale update: the bank listed 29 new cryptocurrencies. The option allows bank card holders to sell their crypto assets faster and transfer these funds to their own accounts in real time. The money can be used to pay for purchases in e-commerce, as well as for personal purposes.

The bank has also expanded its cryptocurrency services to the Eurozone, with more than 17 million European customers now able to make cryptocurrency transactions. It should be added that Revolut supports EU sanctions against Russia as a military aggressor against Ukraine. And the co-founder of the banking service, Nikolai Stronsky, renounced his Russian citizenship. According to Revolut representatives, Stronsky has already become a British citizen, and his renunciation of Russian citizenship is related to the military aggression of the terrorist country in Ukraine.