Revolut Postpones Its Native Crypto Push after FTX Collapse

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Revolut Postpones Its Native Crypto Push after FTX Collapse

<p>Revolut, a
London-headquartered <a href="https://www.financemagnates.com/tag/neobanks/" target="_blank" rel="follow">challenger bank</a>, has delayed the launch of its native
cryptocurrency dubbed RevCoin. Financial News (FN) reported that the collapse
of the FTX crypto <a href="https://www.financemagnates.com/terms/e/exchange/" class="terms__main-term" id="b5da6e64-2afe-421d-9b81-16404b7d59d6" target="_blank">exchange</a> could be the main reason, citing people familiar
with the matter.</p><p>Revolut
Delays RevCoin Debut</p><p>The
cryptocurrency was supposed to see the light of day late last year, but Revolut's
plans have changed. The prolonged crypto winter and the controversy caused by
the collapse of popular digital assets exchanges was undoubtedly not a good
time for the neobank to launch new cryptocurrency products.</p><p>In an
interview with FN, a spokesperson for Revolut said that the company is
currently evaluating market conditions and the best time to launch the product
in the coming months.</p><p>RevCoin's
plans were initially revealed in May 2022. Nik Storonsky, the Founder
and CEO at Revolut, disclosed at the time that RevCoin would act as a loyalty token,
rewarding the most loyal and active users. </p><p>The token
would not act as a <a href="https://www.financemagnates.com/terms/s/stablecoin/" class="terms__secondary-term" id="e84b040e-4d12-499b-99bf-8ba75ea058ca" target="_blank">stablecoin</a> but would have a demand-based dynamic value. In
this way, it would become an additional incentive to use the challenger bank's
services.</p><p>Although
Revolut postponed its decision to launch RevCoin due to market conditions, the
company claimed back in August that it wanted to take advantage of sector
turmoil and expanded its cryptocurrency offering by adding 22 new tokens,
bringing its total to 82.</p><p>Watch the recent FMLS2022  interview with Vladimir Krupnov, Threat Intelligence Lead at Revolut.</p><p>Waiting for
Revolut's First Profitable Year</p><p>In the
coming weeks, Revolut is expected <a href="https://www.financemagnates.com/fintech/revolut-to-release-delayed-2021-financial-statement-next-year/" target="_blank" rel="follow">to present its first financial report showing
a net income</a>. Although the neobank is valued at $33 billion, its dynamic
expansion and competitive environment have caused it to report financial losses
in the previous years.</p><p>The report presenting the figures for 2021 was first scheduled for September, but the company moved the publication
date to December. However, two days before the deadline, the company again said
it was moving the publication of the report to 2023.</p><p>Michael
Bodansky, the Head of Corporate Communications at Revolut, confirmed the news,
which was first reported by Alt Fi, to Finance Magnates. "Yes,
that's correct - we intend to announce our account in the new year,"
Bodansky said.</p><p>Revolut showed
its last financial results in June 2021, reporting 2020 numbers. <a href="https://www.financemagnates.com/fintech/news/revolut-losses-deepen-in-2020-despite-57-revenue-jump/" target="_blank" rel="follow">The report highlighted</a> that revenues rose 57% to £261m million in 2020, while adjusted operating
losses to £122 million.</p>

This article was written by Damian Chmiel at www.financemagnates.com.

Source: Revolut Postpones Its Native Crypto Push after FTX Collapse