While crypto-currency trading represents a substantial financial windfall for Revolut, the neo-bank wants to go even further in the world of these digital assets.
In an exchange with our colleagues from The Block at the Finance FWD conference in Hamburg, founder Nik Storonsky revealed some valuable clues about a future token of the company. This project had already leaked in the press last September. In the meantime, the British fintech has admitted to working no less than 100 people on a major project in crypto and web3.
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A loyalty token
If we gladly call it “Revcoin”, Revolut has not yet communicated on the official name of its next token. The founder, however, confirmed that it would be a loyalty token similar to those in airline programs (miles).
In other words, Revolut wants to remunerate and benefit its most regular users. However, the neo-bank did not specify what the conditions for the allocation of these tokens will be.
Not a stablecoin
Nik Storonsky has confirmed that this cryptocurrency will not be a stablecoin. As a reminder, these are backed by a classic currency such as the dollar, the euro or the yen.
This implies that each token issued by Revolut will have a value (in euros, dollars or other) which may fluctuate over time. The founder explains to our colleagues “it will certainly not be a stablecoin. The goal is to make loyalty tradable”. The token is expected to take inspiration from Binance Coin (BNB) which offers benefits to its users.
“We give people a global bank with local services”Fantastic morning watching our CEO, @NStoronsky speak at Germany's biggest FinTech festival @financefwd in Hamburg. #ffwd22 pic.twitter.com/0Lg2AFiGPB
— Revolut May 18, 2022
While cryptocurrencies are currently heckled, Revolut will have to succeed in convincing regulators with this project. In a survey published by Bloomberg, it seems that the neo-bank is having difficulty obtaining a banking license in Great Britain… precisely because of its activity related to crypto-currencies.
It would even be a question of voluntarily excluding the token to American residents so as not to attract the wrath of local regulators. Of the 18 million customers that Revolut has today, only some will therefore be able to take advantage of these advantages.
20% of income
If N26 missed the cryptocurrency bandwagon, Revolut is one of the big beneficiaries. The fintech generated more than 40 million euros in revenue in 2020 thanks to this new asset class. This represented between 15 and 20% of its turnover.