Friday, April 19, 2024

Revolut’s “Revcoin” to reward clients for their loyalty.

Revolut’s long-awaited native cryptocurrency, Revcoin, will reward customers for their loyalty and will function like Air Miles programs.

Nik Storonsky, the CEO of Revolut, at the Finance FWD conference in Hamburg, highlighted that Revcoin will work in a similar way to airline Air Miles programs. Through this, users earn rewards based on how often they use the service. Storonsky said Revcoin will not be a stablecoin. It will make loyalty tradable.

Storonsky said Revolut is building a non-custodial wallet, where a third party manages the private keys and Bitcoin is the only token that can be withdrawn to the user’s external wallet. The executive confirmed that the financial app will add staking, deposits, and withdrawals, lending to its custodial wallet offering.

Revolut’s non-custodial wallet will work both as a separate standalone app and an option within the Revolut in-app hub, which includes pet insurance to hotel booking to remittances. Moreover, the company has plans to add support for NFTs to the wallet but is currently deprioritized. Storonsky said they will start from the basics. Revolut’s founder wants to make the wallet straightforward and practical for the customer. He wants to ensure that cryptocurrencies can be transferred similarly to bank accounts, but will start on-chain, namely Ethereum.

Following expansion, it will become multichain.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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