But what is Revolut preparing? A very ambitious cryptocurrency project is coming

The Revolut neo sofa is discreet. His banking offering has not changed much for a year and his client portfolio seems fairly stable, below the 2 million mark in France. British society doesn’t make much noise. Still, something is brewing. Ambitions in cryptocurrencies have been raised. Movements, here and there, draw the silhouette of a big project.

In 2020 and 2021, the establishment has greatly benefited from its cryptocurrency exchange functionality. The neobank not only helped her acquire new customers, but also took the opportunity to find an even more efficient source of income than her bank cards. It only lasted a while – the cryptocurrency winter froze an entire market and wiped out players – but Revolut persists and believes in it.

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Things happen at Revolut

Every week are small information. Since the beginning of the year, the internal teams have been in turmoil. We were treated to the arrival of new tokens (available for a total of 80 crypto currencies), the arrival of transfers between wallets, full ownership of assets, as well as lower costs on Premium and Metal cards. However, all this seems just the beginning of a bigger project.

First, Revolut hires people. The company plans to increase the size of are teams specialized in crypto currencies 20% in the next six months. This concerns its offices in Europe, in London but also in the United States. And the positions sought are representative of the preparation of something big. A total of 230 vacancies currently need to be filled (for the tip of the iceberg).

The profiles Revolut searches for:

  • Software Engineers
  • Specialist lawyers
  • Financial compliance experts

Everything seems to be coming together towards the project of launching a Revolut cryptocurrency. The token could be called “Revcoin” as neobank co-founder Nik Storonsky gave valuable details to reporters from The block last May. Rumored to be September 2021, it is almost certain that it would not be a stablecoin, but a token subject to fluctuations and intended to reward Revolut customers.

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Its main cousin, to compare it to, would be Binance’s BNB. It is no wonder that the company was inspired by the cryptocurrency of the number 1 trading platform in the world. At the Finance Festival in London last April, Revolut revealed that 100 people in its teams “Currently working on cryptos and web3”. On this occasion, Nik Storonsky was very clear in his words:

“For us, cryptocurrencies are a full-fledged financial services industry, which is obviously growing very fast with many interesting applications being built on the web3. So of course we would like to be a part of that and we have a lot of exciting projects that we can’t share yet.”

A Revolut crypto bank

During the month of August, in the middle of the holidays for many people, it was in Cyprus that the continuation of Revolut’s secret plan took shape. The neobank received approval of a new license of the Cyprus Securities and Exchange Commission (CySEC) to be able to offer products and services related to cryptocurrencies and digital assets more widely. Revolut would therefore be on its way to becoming a truly autonomous cryptocurrency trading platform with much more complete capabilities on European soil.

In this way, Revolut could close gaps in its banking services by taking advantage of decentralized DeFi solutions. For example, it could be: loan solutions in cryptocurrencies, as does Aave (the company behind the protocol also just obtained a strategic European license). In France, Revolut would approach players like Coinhouse, which claims to be a “crypto bank”. Case follows.

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