Revolut as an innovative FinTech company is apparently working on launching its own token. According to the media report, Binance Coin (BNB) is a model for the Revolut token.
With the Binance Coin (BNB), designed as a discount token, the crypto exchange Binance presented a brilliant move in 2017. By having its own cryptocurrency, Binance was able to drive customer loyalty, and BNB’s basic features are now copied by many other crypto platforms. With the FinTech company Revolut, it now appears that a provider whose business focus has not been on crypto trading is also developing its own token. A US trade portal reports, citing insiders, that the Revolut Token is basically ready for a launch, but still has to wait for approval from regulators in the UK.
Revolut Coin – here’s how it could score points
Revolut already offers the purchase and sale of a good 50 cryptocurrencies via its apps and has long since moved beyond the flagship Bitcoin (BTC) and Ethereum (ETH) in its program. Revolut started as a credit card provider with a focus on low exchange fees for international transactions. With fees of up to 2.5 percent, the cryptocurrencies section of Revolut is quite expensive in terms of incidental costs compared to crypto exchanges such as Binance. But customers apparently don’t mind that much; Revolut says it generates 20 percent of its revenue from its crypto division.
Discount tokens such as Binance Coin initially bring users the advantage of lower fees with the respective provider if these fees are not paid by fiat but by the special token. Such a plus point is also likely to be advertised with the Revolut token. Other conceivable promotions include airdrops or the distribution of bonuses in Revolut tokens. BNB is not the only token with an impressive price curve; imitators such as FTX Token (FTT) or Best at Bitpanda have also developed splendidly.
Revolut sees itself in competition with FinTechs such as Robinhood, eToro or PayPal. These have all discovered crypto trading as a profitable line of business and offer their customers uncomplicated access. However, these competitors have not yet realized their own token as a lure and not least as an advertising medium; Revolut would be a pioneer in its industry with such an approach.
Conclusion: Revolut wants to make speed in the crypto sector
There is no denial or confirmation from Revolut on the report so far, but Revolut’s commitment to crypto is undisputed. There are understandable arguments in favor of a Revolut Coin. But without regulatory approval, Revolut will not move forward. So for now, we will have to wait and see if and when we actually see the debut of a Revolut Token.
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