Fintech company Revolut intends to issue its own token, CoinDesk has reported citing sources. According to them, the instrument is more likely to be similar to an exchange token such as BNB than a stablecoin. A source has stated:
"It’s a ‘Revolut users earn a token’ type of thing, similar to Wirex and Nexo."
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Revolut will need to obtain permission from the UK's Financial Conduct Authority to implement its plans. A source has also said the token will initially target customers in Europe and other regions outside the US.
Revolut has previously announced it intends to pay WeWork rent with Bitcoin, becoming the company this way the first corporate client to use the option. Like several competitors, including Robinhood and PayPal, Revolut supports the buying and selling of various cryptocurrencies on its app.
In June, Revolut reported cryptocurrency-related transactions account for around 20% of the company's revenue.