Revolut halts crypto launch after FTX collapse

London-based financial technology company Revolut will reportedly suspend plans to launch its own crypto token amid the sudden collapse of crypto exchange FTX, causing an uproar in the industry.

Revolut plans to launch RevCoin tentatively.

Revolut’s plan to halt its RevCoin issuance was revealed by anonymous sources, according to Financial news. is January 19, 2023).

While a new date was given for the launch, a spokesperson for the fintech company told the news publication that the challenger bank is looking for the best time to unveil the token.

Revolut received regulatory approval from the UK’s Financial Services Authority (FSA) in September 2022 and a pre-license from the Cyprus Securities and Exchange Commission (CYSEC) in August 2022, while 20 more crypto tokens are available for trading on its app. were added.

The fintech firm also wanted to add RevCoin to its crypto offerings. According to Revolut co-founder and CEO Nikolay Storinsky earlier in the year, the token will not be a stablecoin but will reward users for their loyalty. Storinski also said that RevCoin will launch on Ethereum.

However, the end of FTX in late 2022, coupled with a prolonged bear market, could cause Revolut to weigh its options. The collapse of FTX, one of the industry’s largest exchanges, hit companies hard. Within And outside The crypto space

The fallout has also affected regulators globally. Tightening the reins On cryptocurrency regulations.

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