Revolut's planned native token will reward customer loyalty, Storonsky says

Quick Take

  • In an interview with The Block, Revolut CEO Nik Storonsky gave further details on the long-rumored “Revcoin” and how it will function as a form of tradeable loyalty. 
  • Storonsky plans to launch Revolut’s non-custodial crypto wallet on the Ethereum network, with a long-term aim for a multi-chain wallet.

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 on the neobank's forthcoming non-custodial wallet.

Speaking to The Block at the Finance FWD conference in Hamburg, Storonsky said the long-rumored native token — which some have dubbed "Revcoin" — will function in a similar way to airline Air Miles programs, where users earn rewards based on how often they use the service.

"It definitely won't 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 entrusted with the seed phrase and private key and empowered to link to other decentralized wallets.

Revolut currently only offers customers the option to host crypto in a custodial wallet, where the private keys are managed by a third party and bitcoin is the only token that can be withdrawn to a user's external wallet.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 lending to its custodial wallet offering.

A full web3 wallet 

The non-custodial wallet will function both as a separate standalone app and as an option within the Revolut in-app hub, where a plethora of features from pet insurance to hotel booking to remittances 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.