According to a recent press report, Revolut – which is one of the leading companies in the financial technology field – is seeking approval from the UK Securities Exchange to launch its own cryptocurrency.
If the initiative is given the green light, Revolut will begin marketing it from Europe and other locations outside the United States.
Citing people familiar with the matter, CoinDesk previously reported that Revolut wants to launch its own cryptocurrency.
The aforementioned source indicated that users will be able to use the cryptocurrency similarly to “Wirex” and “Nexo.”
It is worth noting that this digital currency will only be available if the initiative receives regulatory approval from the UK’s Financial Conduct Authority (FCA).
The London-based company started offering cryptocurrency services a few years ago and has recently increased the number of its offerings.
Recently, the company added 11 new cryptocurrencies to its platform, including Cardano, Uniswap, Yearn Finance, and Uma.
Revolut isn’t the only fintech company offering cryptocurrency products to its clients as it competes with the likes of PayPal and Robinhood, but the potential implications for its cryptocurrency could be significant.