A Revolut executive will be leaving the company to work on crypto and web3 startup so let’s read further in today’s latest cryptocurrency news.
The Top Chief Revenue Officer at Revolut will be leaving the company to launch a Web3 startup. Alan Chang, the Revolut executive will leave the UK Fintech company to raise funds for launching a new crypto initiative. Chang is set to leave Revolut after working as one of the executives in the company for more than seven years. Although he will be departing the fintech company, Chang is working to develop a crypto startup and seeks to raise $100 million in funds. He also invested his own money with some saying that was also in the millions of dollars.
A report by Business Insider said that chang is planning to launch a crypto venture with another former Revolut employee Charles Orr who left in 2020. Chang described the initiative as an intersection between Web3 and renewable energy:
“I want to build the largest economy in the world in the next 10 years. I also want to solve climate change whilst at it.”
The executive however didn’t give more details about the venture and in the meantime, the UK filings revealed that Chang is listed as a director of the new company following his resignation from the same position in one of the Revolut units back in February. The news that Chang will exit the company came a few months after Revolut annoucned its decision to launch a crypto token. Some sources said that the proposed crypto token can go live on the EU market and some other non-US locations.
The initaitive is subject to the approval of the Financial Conduct Authority in the UK. The company is based in London and it is not a newcomer to the crypto industry. Back in 2017, it announced support for BTC trading and then listed a few altcoins. In 2021, 11 new tokens were listed on Revolut and some of them include Cardano, Loopring, Uniswap, and Synthetic. Revolut became the most valuable company in the UK after raising $800 million in funding by SoftBank and TigerGlobal a year ago.
As recently reported, Accoridng to a recent report, the Revolut payment app is looking for approval from the US Securities regulator to launch its exchange token and if this initiative is greenlighted, it will start from Europe and other non-US-based locations. Citing sources familiar with the matter, the leading fintech company I now looking to release its crypto token.