Journalists report Revolut plans to launch its own token

British fintech Revolut is considering launching its own token. CoinDesk reports, citing sources familiar with the fintech company’s plans.

According to one of them, this is not a stablecoin — Revolut is working on “something like an exchange token similar to Binance Coin”. He compared the token’s distribution mechanism to the native assets of the processing service Wirex (WXT) and the crypto lender Nexo.

The source added that Revolut would need authorisation from the UK’s Financial Conduct Authority before the token’s release. It would be aimed at clients in Europe and jurisdictions outside the United States, the second source explained.

In July Revolut raised $800 million at a $33 billion valuation. Later its founder Nikolay Storonsky said that before its IPO the company’s revenue should be in the range of several billions of dollars per year.

Earlier in September, Revolut signed an agreement with the flexible workspace provider WeWork, under which the company will pay in Bitcoin for renting an office in Dallas.  

Earlier, the fintech company announced the launch of commission-free stock trading in the United States.

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