Revolut will reportedly suspend plans to launch its crypto token amid the sudden downfall of crypto exchange FTX.
Revolut, a London-based financial technology startup, will reportedly postpone the launch of its cryptocurrency token in light of the abrupt collapse of crypto exchange FTX, which sent shockwaves across the sector.
Anonymous sources told the Financial News on January 19, 2023, that Revolut intended to postpone the debut of its RevCoin.
While a new launch date was provided, a fintech business spokeswoman told the news outlet that the challenger bank was looking into the optimal moment to introduce the cryptocurrency.
While adding 20 more crypto tokens for trading on its app, Revolut received regulatory approval from the Financial Services Authority (FSA) of the United Kingdom in September 2022 and an earlier license from the Cyprus Securities and Exchange Commission (CYSEC) in August 2022.
Additionally, the fintech company sought to add RevCoin to its selection of cryptocurrencies. The token will not be a stablecoin, according to Nikolay Storonsky, co-founder and CEO of Revolut, who stated this earlier in the year. Instead, it will reward users for their loyalty.
Additionally, according to Storonsky, RevCoin would debut on Ethereum. However, it’s possible that Revolut considered its options as a result of the protracted bear market and the collapse of FTX at the end of 2022.
Companies both inside and outside of the cryptocurrency space were impacted by the collapse of FTX, one of the largest exchanges in the sector. Regulators all over the world have tightened the screws on cryptocurrency regulations as a result of the collapse.
