Revolut’s planned native crypto token will aim to reward customers for their loyalty, CEO Nik Storonsky said in an interview, in which he also shared details about the neobank’s upcoming non-custodial wallet.
Speaking to The Block at the Finance FWD conference in Hamburg, Storonsky said the long-standing native token – which some have dubbed “Revcoin” – will work similarly to airline Air Miles programs, where users earn rewards based on how often they use the service.
“It will definitely not be a stablecoin,” he said. “The goal is to make loyalty tradable.”
Separately, Storonsky said the company is building a non-custodial wallet, where users are given the seed phrase and private key and are allowed to connect to other decentralized wallets.
Revolut currently only offers customers the option of hosting crypto in a custodial wallet, where private keys are managed by a third party and bitcoin is the only token that can be withdrawn to a user’s external wallet. Storonsky confirmed earlier reports that the financial app will add staking, deposits and withdrawals, and loans to its custody wallet offering.
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The noncustodial wallet will work both as a separate standalone app and as an option within Revolut’s built-in hub, where a plethora of features ranging from pet insurance to hotel booking to shipments of funds are already available.
There are plans to add support for non-fungible tokens (NFTs) to the wallet, but this is currently “deprioritized”, according to the Revolut founder.
“We want to start with the basics,” he said.
Giving more details on how the wallet will look, the billionaire founder of Revolut said that while it will work similarly to MetaMask, he wants to make it as easy as possible for the user. This means that the complexity of the various blockchain networks and bridges that some crypto-native wallets make visible will be hidden.
“We want to make sure people can just transfer crypto the same way they do with bank accounts,” he explained.
He noted, however, that it will likely initially launch as a single-chain wallet.
“Initially we will launch on Ethereum, but going forward we will do it multi-chain,” he says, with Revcoin following a similar trajectory.
When asked if the details above were a direct confirmation of Revolut’s plans for a native token, Storonsky remained coy.
“We are working on a lot of things,” he said, adding that it will be launched “hopefully one day.”
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