FTX Debacle Promts Revolut to Delay its Cryptocurrency Launch
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Revolut is delaying its entry into cryptocurrencies, postponing the launch of its RevCoin in the wake of the collapse of the FTX exchange.
Switzerland’s most popular neobank, Revolut, is holding back on its planned entry into minting its cryptocurrency.
We are scoping the market conditions and assessing the best time to launch RevCoin in the coming months, a spokesman for the UK’s most valuable fintech told the news outlet. Revolut initially planned to launch RevCoin towards the end of last year, but management opted for a delay as FTX imploded in November.
The project was confirmed in an interview CEO Nik Storonsky conducted with The Block in May of last year. RevCoin will run on Ethereum and work similarly to airline mileage incentive programs, with users earning rewards on how frequently they use the service.
Storonsky is an ex-Credit Suisse derivatives trader who founded Revolut in 2014. He is worth $7.1 billion, according to Forbes.
In Switzerland, the neobanks services are available via Credit Suisse.
Questions & Answers
Q.What is RevCoin and how is Revolut planning for it to operate?
What is RevCoin and how is Revolut planning for it to operate?
RevCoin is Revolut's planned cryptocurrency. It is intended to run on Ethereum and function like an airline mileage scheme, where users earn rewards based on their service usage frequency.
Q.Why has Revolut decided to delay the launch of its cryptocurrency, RevCoin?
Why has Revolut decided to delay the launch of its cryptocurrency, RevCoin?
Revolut decided to delay the launch of RevCoin due to the collapse of the FTX exchange. Management opted for a postponement as the FTX implosion occurred, leading them to reassess market conditions.
Q.When was Revolut originally planning to launch RevCoin?
When was Revolut originally planning to launch RevCoin?
Revolut had initially planned to launch RevCoin towards the end of last year. However, this timeline was adjusted due to the changing market conditions following the FTX debacle.
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