British fintech company Revolut is exploring the possibility of launching its own token, CoinDesk has reported citing sources familiar with the plans of the firm.
According to one of them, we are not talking about a stablecoin – Revolut is working on “something like an exchange token like Binance Coin.” The source has compared the distribution mechanism of the coin with the native assets of the processing service Wirex (WXT) and the cryptocurrency lender Nexo.
The source has added that Revolut needs to obtain UK Financial Conduct Authority approval before releasing the token. It will be aimed at clients from Europe and jurisdictions outside the United States.
In July, Revolut raised $800 million with an estimate of $33 billion. Later, its founder, Nik Storonsky, said that before going public, the company’s income should be in the range of several billion dollars a year.
Revolut entered into an agreement in September with flexible workspace provider WeWork, under which it will pay in Bitcoin for an office lease in Dallas.