Revolut Is Committed to Launching Revcoin

D

espite a decrease in trading volumes and the delayed adoption of its new crypto products, Mikko Salovaara, Revolut's CFO remains confident about the future prospects for cryptocurrency on its financial super-app.

Despite a decrease in crypto trading volumes on the platform, which accounted for 10-15% of Revolut's 2020 revenue according to Sifted, Salovaara remains confident and optimistic, he said at last month's Accel Fintech Summit.

"We've probably seen somewhere between 50 to 75% reduction in volumes, which is broadly in line with the market if you look at Coinbase or so on."  

Salovaara expressed that the consequences on total income have been tremendous, as profits procured from cryptocurrency has recently declined to a "marginal" amount.

Salovaara is continuing to move forward with its plans for the Revcoin, their native token. CEO Nik Storonsky highlighted in May that this digital currency will reward customers based on loyalty akin to airline mile bonuses. Despite many details still being ironed out, Salovaara believes when it launches, it will motivate people onto the platform.

Despite this, he highlighted that digital assets are so nascent that much of Revolut's undertakings in the cryptocurrency space such as a prospective DeFi wallet application must adjust to the ever-evolving crypto enviroment.

He declared emphatically "Our strategy with crypto hasn't changed and we see it as a long-term investment." 

Mike

An editor at Coincrop

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Mike is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely putting his latest car project back together.