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The Revolut CEO also talked about the company’s plans for a non-custodial wallet.
Revolut CEO Nik Storonsky has announced one of the use cases for the project’s native token, according to him, the token would be used to reward customer loyalty. This was revealed at the Finance FWD conference held in Hamburg.
The top Revolut executive also intends to introduce Revolut’s non-custodial cryptocurrency wallet on the Ethereum network with the target of achieving a multi-chain wallet.
The native token, tagged Revcoin, will function like that of Air Miles loyalty programs, in which users earn rewards depending on their level of use for the service.
Going further, Storonsky stressed the difference between his Revcoin and stablecoins, stating that making loyalty tradables was the ultimate goal.
As of press time, the launch date of the project remains unknown.
Building a Non-Custodial Wallet
On another note, the Revolut CEO also talked about the company’s plans for a non-custodial wallet. In his explanation, users would receive the seed phrase as well as private keys, and they would have the capability to link other uncensored wallets.
Currently, users can only host their crypto holdings in custodial wallets on Revolut, so private keys are controlled by an intermediary with Bitcoin as the only withdrawable token to the customer’s external wallet.
Commenting on earlier reports about the financial app being able to support staking, deposits, and withdrawals, as well as lending to its custodial wallet offering, the Revolut CEO confirmed the accuracy of all these rumors.
A Complete Web3 Wallet
Other than serving as a separate independent application, reports also suggest that Revolut’s non-custodial wallet will also function as an option within Revolut’s in-app hub alongside a wide range of features that are already at play, including pet insurance, hotel bookings, and remittances, among others.
There are also plans to integrate support for NFTs in the wallet, although such plans are not a priority presently. This reprioritization comes as the project looks to start with the basics.
Storonsky asserted that the wallet function will work closely like MetaMask. The wallet will not present the complexities presented in different blockchain networks as well as bridges showcased on some crypto-native wallets.
The Revolut’s founder said:
“We want to ensure people can simply transfer crypto in the same way they do with bank accounts.”
Cognizant of the fact that this would not be an easy fix, Storonsky explained that the firm would first launch as a single-chain wallet on Ethereum, before moving on to make it multichain, and that Revcoin would follow the same course.