Nik Storonosky, the CEO of British neobank Revolut, recently gave some details about the long-awaited future token and also confirmed the upcoming release of a decentralized wallet. Revolut wants to polish its image as a “crypto-friendly” online bank, with staking and lending capabilities also expected soon.
More information about the Revolut token
During a conference given to our colleagues from The Block in Hamburg, Revolut CEO Nik Storonosky revealed some information about the online bank’s long-awaited future token.
As we mentioned in September, the neobank has been working for some time on a token that rewards users in proportion to their use of the platform. A method that allows both to promote the adoption of the token in question and to build customer loyalty.
This was confirmed by Storonosky, who said that the token “will reward users for their loyalty”. Specifically, the system established by Revolut will resemble Air Miles’ loyalty program, which offers exclusive benefits and promotions to its users when they use its services.
“It certainly won’t be a stablecoin; the goal is to make loyalty redeemable.”
In addition, the CEO of the British online bank confirmed that Revolut would soon include home loans to its range of services, a considerable step for a neobank, as this kind of service is rather rare in this sector, or at least at a reasonable price.
In this regard, he had actually stated last March that this was a priority, as home loans “are a fairly important part of consumers’ financial lives”.
A non-custodial wallet to embark on Web 3.0
Revolut’s CEO also confirmed his desire to implement a decentralized wallet to allow its users to take full advantage of decentralized finance (DeFi), including through a staking and lending offer.
A welcome additional offer, because although Revolut benefits from a “crypto-friendly” image, its offer was until now rather limited, offering only a custodial wallet, although its cryptocurrency offer is growing.
Compatibility with non-fungible tokens (NFTs) is also being considered, but this is not a priority, as Storonosky explains that the priority is to start “with the basics”.
Revolut thus wants to succeed in the bold gamble of taking complex transactions like bridge or cross-chain and making them transparent in order to model itself on the simplicity of traditional banking.
“We want to make sure that people can transfer cryptocurrencies the same way they do with a bank account. Initially, we’re going to launch on Ethereum, but then we’re going to make it multichain. And Revcoin will follow a similar trajectory.”
Revolut thus confirms its desire to expand its offering, particularly in order to differentiate itself from competing neobanks, which are increasingly successful internationally.
