> For the complete documentation index, see [llms.txt](https://docs.colb.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.colb.finance/products/tokenized-pre-ipos/crev-tokenized-revolut.md).

# CREV (Tokenized Revolut) 

## CREV (Tokenized Revolut)

Tokenized exposure to pre-IPO Revolut shares through Colb.

**Network:** BNB Chain\
\
**Contract Address:** 0xe626cD87F9Ec3C9cc48Ebb2689E427f544554608\
\
[Token Term Sheet](https://colb-public.s3.eu-west-3.amazonaws.com/WebsiteDocuments/Revolut+\(CREV\)+Colb+Term+Sheet.pdf)

***

### What is CREV?

CREV is a Colb Tracker Token issued by the Colb Trust that provides on-chain economic exposure to pre-IPO Revolut shares.

Each CREV token is fungible, NAV-priced, and backed by the value of the underlying Revolut shares held through the Trust.

In practice, holding CREV gives you economic exposure to the performance and growth of Revolut.

***

### How It Works

1. **Complete KYC Onboarding** — Get whitelisted to interact with Colb smart contracts.
2. **Deposit $USC** — Submit a purchase request through the Colb WebApp. Your request enters the deposit queue.
3. **Deposit Settlement** — Fees are calculated and deducted. $USC is sent to the treasury.
4. **CREV Tokens Are Minted** — Your $USC is converted into CREV tokens at the current NAV using the oracle price. Tokens are minted to your wallet.

For full details on the mechanics, see [INVESTMENT CORE TECH](https://docs.colb.finance/investment-core-tech)

***

### Pricing

CREV is priced at Net Asset Value (NAV), updated based on:

* **Recent SPV transactions** – If shares have been recently acquired, pricing reflects the latest transaction price.
* **Quarterly valuation** – In the absence of recent transactions, pricing relies on the official quarterly company valuation.

***

### Fees

| Fee            | Description                        |
| -------------- | ---------------------------------- |
| Deposit Fee    | One-time fee when purchasing       |
| Redemption Fee | One-time fee when redeeming tokens |

Ongoing fees (management, carry) are incorporated into the NAV calculation.

For more fee details, see [Fees](https://docs.colb.finance/investment-core-tech/fees)

***

### **Secondary Market**

CREV is freely transferable on-chain. During the post-IPO lock-up and realization period, secondary liquidity is available through a third-party market maker quoting via an RFQ (Request for Quote) market accessible on PancakeSwap.

This venue operates independently of Colb: availability, pricing, and liquidity are determined by the third-party provider, may deviate from NAV, and are not guaranteed by Colb.

**PancakeSwap market:** [CREV](https://pancakeswap.finance/swap?chain=bsc\&inputCurrency=0x55d398326f99059fF775485246999027B3197955\&outputCurrency=0xe626cD87F9Ec3C9cc48Ebb2689E427f544554608)

{% hint style="info" %}
Acquiring tokens on a secondary venue does not by itself confer redemption rights. Exercising rights against the Trust, including redemption, requires completing onboarding and meeting Colb's eligibility criteria, and the restrictions set out in the token terms apply to all holders regardless of how tokens are acquired.
{% endhint %}

For more details, see [Liquidity & Exit](/products/tokenized-pre-ipos.md#liquidity-and-exit)

***

### Post-IPO 

#### Redemption Mechanics 

**At a glance**

**Trigger:** The actual sale and distribution of underlying shares, not the IPO date or lockup expiry.

**Value:** Realized sale proceeds at market, not the IPO price.

**Fees on the SPV level:** 20%, plus 5% for final administration costs. Both embedded in NAV. Colb redemption fee: 2.5%, deducted at redemption.

**What holders see:** The NAV is net of SPV-level fees. The 2.5% Colb redemption fee is deducted separately at redemption.

#### What triggers redemption 

The shares backing CREV are subject to a six-month post-IPO lockup. Redemption occurs when the shares are sold and proceeds reach the CREV structure, not simply when the lockup expires.

| Event                             | Triggers redemption?                |
| --------------------------------- | ----------------------------------- |
| IPO                               | No. Starts the six-month lockup.    |
| Lockup expiry                     | No. Shares become sellable.         |
| Sale and distribution of proceeds | Yes. Redemption value crystallizes. |

#### Timeline 

| Period                  | Event                                                  |
| ----------------------- | ------------------------------------------------------ |
| IPO + 6 months          | Lockup expires, shares become sellable                 |
| Post-lockup (estimated) | Proceeds reach CREV structure, NAV reflects net result |

All dates are estimates and may shift with administrative processing.

#### How redemption value is determined 

Redemption value is based on actual realized sale proceeds at market price, not the IPO price or a marked estimate.

#### NAV and oracle behavior 

All SPV-level fees are embedded in NAV. The oracle updates as proceeds arrive.

***

### Get Started

To access CREV, complete onboarding at [app.colb.finance](https://app.colb.finance/)