CEO Nik Storonsky revealed in an interview that Revolut’s proposed native cryptocurrency will attempt to award clients for their loyalty, as well as specifics on the upcoming non-custodial wallet of the neobank.
At the Finance FWD conference in Hamburg Storonsky said that the long-rumored currency, supposedly called “Revcoin” will work similarly to airline Air Miles programs, wherein users receive benefits according to how frequently they use the services provided.
The native currency of Revolut will not be a stablecoin but it does have an aim to make loyalty tradeable, said the CEO. Furthermore, Storonsky stated that the business is working on a non-custodial wallet, in which users are given the seed phrase and private key and are given the ability to attach to other wallets in their possession which are decentralized.
Revolut at the time being allows consumers to store cryptocurrency in a custodial wallet, in which the private keys are handled by a private entity, and Bitcoin (BTC) has been the single cryptocurrency that can be exported to an outside wallet. Storonsky verified prior claims that the financial application’s custodial wallet will include staking, deposits and withdrawals, and lending.
The non-custodial wallet will be offered as a separate app as well as a feature within the Revolut in-app hub, that also includes a variety of services such as pet insurance, hotel booking, and remittances. Per the Revolut founder, there are intentions to add the capability for non-fungible tokens (NFTs) to the wallet, however, this is presently not a priority.
Although the wallet would function analogously to MetaMask, the wealthy Revolut founder intends to make it straightforward and practical for the customer. As a result, the intricacy of several blockchain networks and bridges that certain cryptocurrency-native wallets display will be concealed.
The CEO further said that Revolut wants to ensure that cryptocurrencies can be transferred in the same manner as in bank accounts but they initially will start on one chain, namely Ethereum, and expand as they go. There are more things yet to be announced.