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Revolut, a payments app company based in the UK, is said to be planning to offer its own crypto token.
Revolut can launch Exchange Token
Two sources told Coindesk today that Revolut plans to create a token to be used in the payments and trading app.
The original report drew comparisons with Wirex’s WXT token, the NEXO token, and Binance’s Binance Coin, all of which are usually classified as exchange tokens.
This means that users will get crypto rewards by keeping the Revolut code and using it when making payments. The report did not indicate how much users could earn for each transaction.
Sources have suggested that the Revolut token will not be launched unless it gets approval from the UK’s Financial Conduct Authority (FCA) and that the token will initially be made available in Europe.
A revolution worth 33 billion dollars
Revolut is a payments app that also allows users to invest in stocks, commodities and other assets.
It initially launched cryptocurrency trading in 2017 and provided support for several tokens. Recently, it added Dogecoin to the list of supported tokens in June of this year.
Initially, the app only allowed users to hold cryptocurrencies and transfer them to and from fiat currency. The company started allowing Bitcoin withdrawals for some users starting in May.
The company is valued at $33 billion and has recently been successful in fundraising that brought in $800 million and $500 million.
Disclaimer: At the time of writing, this author owns less than $75 worth of Bitcoin, Ethereum, and altcoins.
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