The well-known fintech firm that provides digital asset services could be the next to launch a cryptocurrency token.
According to a recent report, Revolut is seeking approval from the UK Securities and Exchange Commission to launch its exchange token. If the initiative is approved, it will begin in Europe and other non-US locations.
ULTCOIN365 previously reported, citing people familiar with the matter, that Revolut, a leading fintech firm, intends to launch its cryptocurrency token.
According to one source, users will be able to use the coin in the same way that Wirex and Nexo do. However, such a development would be possible only if the initiative was approved by the UK Financial Conduct Authority (FCA).
If it goes live, Revolut will initially focus on the European market and other markets outside of the United States.
The London-based company began offering cryptocurrency services a few years ago and has since expanded its offerings. Cardano, Uniswap, Yearn Finance, and Uma are among the 11 new cryptocurrencies added to the firm’s platform recently.
Although it is not the only fintech company offering digital asset products to its clients, as it competes with PayPal and Robinhood, the implications of its cryptocurrency could be significant.