In an interview the CEO of Revolut, Nik Storonsky revealed that the firm has planned native crypto tokens which will focus on rewarding customers for their loyalty.
Storonsky stated during an interview at the Finance FWD conference in Hamburg that the much-rumored native token, dubbed “Revcoin” by some, will work similarly to airline Air Miles programmes. Users will then receive incentives based on how often they utilize the service.
“It definitely won’t be a stablecoin. The goal is to make loyalty tradable,” Storonsky explained.
Other than that Storonsky also said that Revolut is building a non-custodial wallet, where consumers will be entrusted with the seed phrase and private key and encouraged to link to various decentralized wallets.
Revolut currently allows users to store cryptocurrency in a custodial wallet, where the private keys are monitored by a third party and Bitcoin is the only token that can be withdrawn to an external wallet.
Storonsky confirmed previous reports that the financial app is going to add staking, deposits as well as withdrawals and lending to its custodial wallet offering.
Subscribe to The Crypto Times for more Crypto Market News.
