British neobank Revolut has announced that it is deferring its plans to introduce its native digital currency and token RevCoin.
This follows major development in the crypto vertical which involved the launch of a dedicated crypto card.
Revolut has described the currency as a loyalty-based mechanism that could mean that the currency will be acquired as a part of membership in the bank, apart from buying it straight from exchanges.
Revolut already has some interesting ways to award users cryptocurrencies, focusing on educating people about what to expect from crypto and how to navigate it.
The company’s Learn & Earn programs are designed with the idea of contributing to the betterment of the industry and preparing users for a more determined shift towards crypto.
However, the company is also scoping out the market and actively assessing when the best time to go ahead and launch the currency would be. It will be in the coming months, but the actual date remains a moving target, as discussed by Binance.
Revolut is concerned about the collapse of FTX, with the exchange running on fumes and having spent consumers funds worth billions on questionable acquisitions.
Revolut first launched into the crypto market back in 2017, bringing around 25 tokens along with it, but the company has been working on steadily increasing the total number, with around 100 new cryptocurrencies introduced by 2022.
The company has been able to achieve legitimacy by bringing it cryptocurrency products in places such as the European Economic Area and the UK, standing apart from companies that have clear inroads with regulators in these jurisdictions.
Revolut is also offering consumers the chance to spend crypto on various goods and services, as part of the company’s grander ambitions for the sector.