Revolut, Switzerland’s most popular neobank, is delaying its planned entry into the world of cryptocurrency, according to a recent report.
The bank had initially planned to launch its own cryptocurrency, “RevCoin,” towards the end of 2020, but management opted for a delay following the collapse of the FTX exchange in November.
Market Conditions and Best Timing
A spokesman for the UK’s most valuable fintech told Financial News, “We are scoping the market conditions and assessing the best time to launch RevCoin in the coming months.”
CEO Nik Storonsky, an ex-Credit Suisse derivatives trader who founded Revolut in 2014, had previously confirmed the project in an interview with The Block in May of last year.
RevCoin: Similar to Airline Mileage Programs
RevCoin will run on Ethereum and will work in a similar way to airline mileage incentive programs, with users earning rewards based on how frequently they use the service.
The bank services in Switzerland are available via Credit Suisse.
Nik Storonsky, CEO of Revolut, is worth $7.1 billion, according to Forbes.
The launch of RevCoin has been delayed, but Revolut is still looking to enter the cryptocurrency market.
Revolut is currently assessing market conditions and determining the best timing for the launch of RevCoin in the coming months. The new cryptocurrency will run on Ethereum and will be similar to airline mileage incentive programs.
With Storonsky’s vast experience in the banking industry, it will be exciting to see how Revolut will enter the cryptocurrency market and what kind of services will be offered.