Revolut, a London-headquartered challenger bank, has delayed the launch of its native cryptocurrency dubbed RevCoin. Financial News (FN) reported that the collapse of the FTX crypto exchange could be the main reason, citing people familiar with the matter.

Revolut Delays RevCoin Debut

The cryptocurrency was supposed to see the light of day late last year, but Revolut's plans have changed. The prolonged crypto winter and the controversy caused by the collapse of popular digital assets exchanges was undoubtedly not a good time for the neobank to launch new cryptocurrency products.

In an interview with FN, a spokesperson for Revolut said that the company is currently evaluating market conditions and the best time to launch the product in the coming months.

RevCoin's plans were initially revealed in May 2022. Nik Storonsky, the Founder and CEO at Revolut, disclosed at the time that RevCoin would act as a loyalty token, rewarding the most loyal and active users.

The token would not act as a stablecoin but would have a demand-based dynamic value. In this way, it would become an additional incentive to use the challenger bank's services.

Although Revolut postponed its decision to launch RevCoin due to market conditions, the company claimed back in August that it wanted to take advantage of sector turmoil and expanded its cryptocurrency offering by adding 22 new tokens, bringing its total to 82.

Watch the recent FMLS2022 interview with Vladimir Krupnov, Threat Intelligence Lead at Revolut.

Waiting for Revolut's First Profitable Year

In the coming weeks, Revolut is expected to present its first financial report showing a net income. Although the neobank is valued at $33 billion, its dynamic expansion and competitive environment have caused it to report financial losses in the previous years.

The report presenting the figures for 2021 was first scheduled for September, but the company moved the publication date to December. However, two days before the deadline, the company again said it was moving the publication of the report to 2023.

Michael Bodansky, the Head of Corporate Communications at Revolut, confirmed the news, which was first reported by Alt Fi, to Finance Magnates. "Yes, that's correct – we intend to announce our account in the new year," Bodansky said.

Revolut showed its last financial results in June 2021, reporting 2020 numbers. The report highlighted that revenues rose 57% to £261m million in 2020, while adjusted operating losses to £122 million.