Saturday, January 28, 2023

Revolut Postpones RevCoin Push after FTX Collapse

-


Revolut, a
London-headquartered challenger financial institution, has delayed the launch of its native
cryptocurrency dubbed RevCoin. Monetary Information (FN) reported that the collapse
of the FTX crypto alternate could possibly be the principle cause, citing folks acquainted
with the matter.

The
cryptocurrency was purported to see the sunshine of day late final 12 months, however Revolut’s
plans have modified. The extended crypto winter and the controversy attributable to
the collapse of common digital property exchanges was undoubtedly not an excellent
time for the neobank to launch new cryptocurrency merchandise.

In an
interview with FN, a spokesperson for Revolut stated that the corporate is
at the moment evaluating market circumstances and the very best time to launch the product
within the coming months.

RevCoin’s
plans had been initially revealed in Might 2022. Nik Storonsky, the Founder
and CEO at Revolut, disclosed on the time that RevCoin would act as a loyalty token,
rewarding probably the most loyal and lively customers.

The token
wouldn’t act as a stablecoin however would have a demand-based dynamic worth. In
this fashion, it will turn into a further incentive to make use of the challenger financial institution’s
companies.

Though
Revolut postponed its resolution to launch RevCoin because of market circumstances, the
firm claimed again in August that it wished to make the most of sector
turmoil and expanded its cryptocurrency providing by including 22 new tokens,
bringing its whole to 82.

Watch the current FMLS2022 interview with Vladimir Krupnov, Risk Intelligence Lead at Revolut.

Ready for
Revolut’s First Worthwhile 12 months

Within the
coming weeks, Revolut is predicted to current its first monetary report exhibiting
a web revenue
. Though the neobank is valued at $33 billion, its dynamic
enlargement and aggressive surroundings have triggered it to report monetary losses
within the earlier years.

The report presenting the figures for 2021 was first scheduled for September, however the firm moved the publication
date to December. Nevertheless, two days earlier than the deadline, the corporate once more stated
it was transferring the publication of the report back to 2023.

Michael
Bodansky, the Head of Company Communications at Revolut, confirmed the information,
which was first reported by Alt Fi, to Finance Magnates. “Sure,
that is right – we intend to announce our account within the new 12 months,”
Bodansky stated.

Revolut confirmed
its final monetary ends in June 2021, reporting 2020 numbers. The report highlighted that revenues rose 57% to £261m million in 2020, whereas adjusted working
losses to £122 million.

Revolut, a
London-headquartered challenger financial institution, has delayed the launch of its native
cryptocurrency dubbed RevCoin. Monetary Information (FN) reported that the collapse
of the FTX crypto alternate could possibly be the principle cause, citing folks acquainted
with the matter.

The
cryptocurrency was purported to see the sunshine of day late final 12 months, however Revolut’s
plans have modified. The extended crypto winter and the controversy attributable to
the collapse of common digital property exchanges was undoubtedly not an excellent
time for the neobank to launch new cryptocurrency merchandise.

In an
interview with FN, a spokesperson for Revolut stated that the corporate is
at the moment evaluating market circumstances and the very best time to launch the product
within the coming months.

RevCoin’s
plans had been initially revealed in Might 2022. Nik Storonsky, the Founder
and CEO at Revolut, disclosed on the time that RevCoin would act as a loyalty token,
rewarding probably the most loyal and lively customers.

The token
wouldn’t act as a stablecoin however would have a demand-based dynamic worth. In
this fashion, it will turn into a further incentive to make use of the challenger financial institution’s
companies.

Though
Revolut postponed its resolution to launch RevCoin because of market circumstances, the
firm claimed again in August that it wished to make the most of sector
turmoil and expanded its cryptocurrency providing by including 22 new tokens,
bringing its whole to 82.

Watch the current FMLS2022 interview with Vladimir Krupnov, Risk Intelligence Lead at Revolut.

Ready for
Revolut’s First Worthwhile 12 months

Within the
coming weeks, Revolut is predicted to current its first monetary report exhibiting
a web revenue
. Though the neobank is valued at $33 billion, its dynamic
enlargement and aggressive surroundings have triggered it to report monetary losses
within the earlier years.

The report presenting the figures for 2021 was first scheduled for September, however the firm moved the publication
date to December. Nevertheless, two days earlier than the deadline, the corporate once more stated
it was transferring the publication of the report back to 2023.

Michael
Bodansky, the Head of Company Communications at Revolut, confirmed the information,
which was first reported by Alt Fi, to Finance Magnates. “Sure,
that is right – we intend to announce our account within the new 12 months,”
Bodansky stated.

Revolut confirmed
its final monetary ends in June 2021, reporting 2020 numbers. The report highlighted that revenues rose 57% to £261m million in 2020, whereas adjusted working
losses to £122 million.



Source_link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Related Stories