Wednesday 6 October 2021 5:57 pm

Revolut could be launching its own crypto token

The ultra fast payments service Revolut could be launching its own crypto token according to sources familiar with the matter.

The company offers banking services through its flagship mobile app and already allows customers to buy and sell crypto currencies. The UK’s biggest FinTech company, valued at $33bn, wants to take things a step further by launching its own crypto token CoinDesk first reported.

Two insiders told CoinDesk that Revolut will launch an exchange token which could reward app users for their loyalty by reducing fees. “It’s a ‘Revolut users earn a token’ type of thing, similar to Wirex and Nexo,” one of the sources said.

While Revolut refused to comment on the matter and referred to news of a planned token launch as a mere “rumour” the source reportedly said that the plan would go forward once it had received approval from the UK’s Financial Conduct Authority.

The news comes after it was revealed that Revolut would pay part of its rent in Bitcoin. As part of the partnership the company’s 300 strong workforce in Dallas, Texas gained access to WeWork office space and were bankrolled using crypto.

Revolut now has more than 16m customers worldwide and sees over 150m transactions per month. US customers can buy, hold, and sell Bitcoin, Ethereum, Litecoin, and Bitcoin Cash from the tech firm’s mobile app with the tap of a button.

Read more: Revolut is taking on Robinhood with the launch of commission-free retail trading in US