Revuto Concludes $1.7m Token Sale, Public Sale Imminent
Crypto-powered subscription payment platform Revuto has 1.7 million reasons to celebrate after closing its private token sale. The startup, which attracted investment from several top funds in a bootstrapping round led by BlackDragon VC, is gearing up for a public sale of its native REVU token on May 18.
“We’re grateful to our private investors, including BlackDragon, for believing in Revuto’s team and tech, and for sharing our vision of making crypto spendable in everyday life,” said CEO Josipa Majic.
“Having the right funding and investors that back our long-term vision is crucial, and thus we’re delighted to achieve this milestone and excited for what lies ahead.”
With anticipation building for the public sale, Revuto has minted a special non-fungible token (NFT) for all early-bird tier 1 investors. The asset could well become a crypto collectible, as it verifies that holders participated in the first ever token sale on the Cardano network.
Revuto Is Revolutionizing Subscription Payments
Built on Cardano, Revuto acts as an interface through which users can activate and deactivate subscriptions while avoiding free-trial traps and complex unsubscribe procedures. The dApp’s inbuilt crypto wallet is designed to facilitate pre-authorized pull payments from other wallet addresses, and to support direct authorization with subscription service providers.
The platform leverages Cardano native tokens and defi to cover recurring payments, with users also able to stake native REVU tokens to earn yield. While chiefly a subscription payment solution, Revuto also unlocks the potential of micro-loans as the native token can be collateralized in exchange for Cardano-based stablecoins. The first such stablecoin, AgeUSD, was announced last month.
To date, the Revuto app has recorded over a million sign-ups via the Apple and Google Play stores. As well as the mobile app, a virtual debit card has been developed enabling users to subscribe to and pay for services. A physical Revuto debit card is expected to follow next year.
The Revuto team intends to transition towards community governance in due course, giving REVU token-holders power to vote on decisions affecting the platform. Users who elect to pay for their subscriptions using REVU, rather than a Cardano stablecoin, can earn both cashback and referral rewards in the utility token, which will be used to align incentives between all participants in the Revuto ecosystem.
Defi Comes to Cardano
Though Cardano is a well-established blockchain network, it has been comparatively quiet on the defi front, a consequence of delays in the release of its smart contracts.
With the Revuto token sale imminent (it will run through May 21), not to mention the arrival of decentralized smart order routing engine DeFire, the Cardano defi ecosystem is finally growing. The latter project, which provides execution services on DEXs for token swaps among other things, is the first fiat on-ramp and swap solution for Cardano native tokens.
In March, Cardano founder Charles Hoskinson stated his belief that the network would become the number one blockchain for smart contracts, since Ethereum’s high fees would make it untenable for defi and NFTs over the longer term.