{"id":599215,"date":"2023-01-19T16:52:07","date_gmt":"2023-01-19T22:52:07","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/01\/19\/revolut-postpones-its-native-crypto-push-after-ftx-collapse\/"},"modified":"2023-01-19T16:52:07","modified_gmt":"2023-01-19T22:52:07","slug":"revolut-postpones-its-native-crypto-push-after-ftx-collapse","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/01\/19\/revolut-postpones-its-native-crypto-push-after-ftx-collapse\/","title":{"rendered":"Revolut Postpones its Native Crypto Push after FTX Collapse"},"content":{"rendered":"
\n

Revolut, a
\nLondon-headquartered challenger bank<\/a>, has delayed the launch of its native
\ncryptocurrency dubbed RevCoin. Financial News (FN) reported that the collapse
\nof the FTX crypto exchange<\/span><\/span> <\/span> could be the main reason, citing people familiar
\nwith the matter.<\/p>\n

Revolut
\nDelays RevCoin Debut<\/h2>\n

The
\ncryptocurrency was supposed to see the light of day late last year, but Revolut’s
\nplans have changed. The prolonged crypto winter and the controversy caused by
\nthe collapse of popular digital assets exchanges was undoubtedly not a good
\ntime for the neobank to launch new cryptocurrency products.<\/p>\n

In an
\ninterview with FN, a spokesperson for Revolut said that the company is
\ncurrently evaluating market conditions and the best time to launch the product
\nin the coming months.<\/p>\n

RevCoin’s
\nplans were initially revealed in May 2022. Nik Storonsky, the Founder
\nand CEO at Revolut, disclosed at the time that RevCoin would act as a loyalty token,
\nrewarding the most loyal and active users. <\/p>\n

The token
\nwould not act as a stablecoin<\/span><\/span> <\/span> but would have a demand-based dynamic value. In
\nthis way, it would become an additional incentive to use the challenger bank’s
\nservices.<\/p>\n

Although
\nRevolut postponed its decision to launch RevCoin due to market conditions, the
\ncompany claimed back in August that it wanted to take advantage of sector
\nturmoil and expanded its cryptocurrency offering by adding 22 new tokens,
\nbringing its total to 82.<\/p>\n

Watch the recent FMLS2022 interview with Vladimir Krupnov, Threat Intelligence Lead at Revolut.<\/strong><\/em><\/p>\n

Waiting for
\nRevolut’s First Profitable Year<\/h2>\n

In the
\ncoming weeks, Revolut is expected to present its first financial report showing
\na net income<\/a>. Although the neobank is valued at $33 billion, its dynamic
\nexpansion and competitive environment have caused it to report financial losses
\nin the previous years.<\/p>\n

The report presenting the figures for 2021 was first scheduled for September, but the company moved the publication
\ndate to December. However, two days before the deadline, the company again said
\nit was moving the publication of the report to 2023.<\/p>\n

Michael
\nBodansky, the Head of Corporate Communications at Revolut, confirmed the news,
\nwhich was first reported by Alt Fi, to Finance Magnates<\/em>. “Yes,
\nthat’s correct \u2013 we intend to announce our account in the new year,”
\nBodansky said.<\/p>\n

Revolut showed
\nits last financial results in June 2021, reporting 2020 numbers. The report highlighted<\/a> that revenues rose 57% to \u00a3261m million in 2020, while adjusted operating
\nlosses to \u00a3122 million.<\/p>\n<\/div>\n

\n

Revolut, a
\nLondon-headquartered challenger bank<\/a>, has delayed the launch of its native
\ncryptocurrency dubbed RevCoin. Financial News (FN) reported that the collapse
\nof the FTX crypto exchange<\/span><\/span> <\/span> could be the main reason, citing people familiar
\nwith the matter.<\/p>\n

Revolut
\nDelays RevCoin Debut<\/h2>\n

The
\ncryptocurrency was supposed to see the light of day late last year, but Revolut’s
\nplans have changed. The prolonged crypto winter and the controversy caused by
\nthe collapse of popular digital assets exchanges was undoubtedly not a good
\ntime for the neobank to launch new cryptocurrency products.<\/p>\n

In an
\ninterview with FN, a spokesperson for Revolut said that the company is
\ncurrently evaluating market conditions and the best time to launch the product
\nin the coming months.<\/p>\n

RevCoin’s
\nplans were initially revealed in May 2022. Nik Storonsky, the Founder
\nand CEO at Revolut, disclosed at the time that RevCoin would act as a loyalty token,
\nrewarding the most loyal and active users. <\/p>\n

The token
\nwould not act as a stablecoin<\/span><\/span> <\/span> but would have a demand-based dynamic value. In
\nthis way, it would become an additional incentive to use the challenger bank’s
\nservices.<\/p>\n

Although
\nRevolut postponed its decision to launch RevCoin due to market conditions, the
\ncompany claimed back in August that it wanted to take advantage of sector
\nturmoil and expanded its cryptocurrency offering by adding 22 new tokens,
\nbringing its total to 82.<\/p>\n

Watch the recent FMLS2022 interview with Vladimir Krupnov, Threat Intelligence Lead at Revolut.<\/strong><\/em><\/p>\n

Waiting for
\nRevolut’s First Profitable Year<\/h2>\n

In the
\ncoming weeks, Revolut is expected to present its first financial report showing
\na net income<\/a>. Although the neobank is valued at $33 billion, its dynamic
\nexpansion and competitive environment have caused it to report financial losses
\nin the previous years.<\/p>\n

The report presenting the figures for 2021 was first scheduled for September, but the company moved the publication
\ndate to December. However, two days before the deadline, the company again said
\nit was moving the publication of the report to 2023.<\/p>\n

Michael
\nBodansky, the Head of Corporate Communications at Revolut, confirmed the news,
\nwhich was first reported by Alt Fi, to Finance Magnates<\/em>. “Yes,
\nthat’s correct \u2013 we intend to announce our account in the new year,”
\nBodansky said.<\/p>\n

Revolut showed
\nits last financial results in June 2021, reporting 2020 numbers. The report highlighted<\/a> that revenues rose 57% to \u00a3261m million in 2020, while adjusted operating
\nlosses to \u00a3122 million.<\/p>\n<\/div>\n

Read More<\/a>
\n Damian Chmiel<\/p>\n","protected":false},"excerpt":{"rendered":"

Revolut, a London-headquartered challenger bank, has delayed the launch of its native cryptocurrency dubbed RevCoin. Financial News (FN) reported that the collapse of the FTX crypto exchange could be the main reason, citing people familiar with the matter.Revolut Delays RevCoin DebutThe cryptocurrency was supposed to see the light of day late last year, but Revolut’s<\/p>\n","protected":false},"author":1,"featured_media":599216,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2979,94807],"tags":[],"class_list":["post-599215","post","type-post","status-publish","format-standard","has-post-thumbnail","category-postpones","category-revolut"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/599215","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=599215"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/599215\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/599216"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=599215"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=599215"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=599215"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}