Nik Storonosky, CEO of Revolut, a British neobank, recently revealed some facts about the long-awaited future coin and confirmed the imminent release of a decentralized wallet. Revolut hopes to improve its image as a “crypto-friendly” online bank, with the addition of staking and lending capabilities expected soon.
Nik Storonosky, the CEO of Revolut, provided some information about the long-awaited future token of online banking during a conference presented to our colleagues from The Block in Hamburg.
As we reported in September, the neobank has been working on a token that rewards users in proportion to their use of the platform for some time.
An approach that encourages the use of the token in question while also increasing consumer loyalty.
Storonosky verified this, stating that the token “would reward users for their loyalty.” Revolut’s approach will be similar to the Air Miles loyalty program, which provides unique incentives and promotions to its members when they utilize its services.
“It won’t be a stablecoin; the idea is to make loyalty tradable.”
Furthermore, the CEO of the British online bank has revealed that Revolut will soon include house loans in its range of services, a significant move for a neobank, as this sort of service is rather unusual in this sector, at least at a reasonable price.
He also stated in March that this was a priority because mortgages “are a fairly major component of the financial lives of individuals.”
A non-custodial wallet will launch Web 3.0.
Revolut’s CEO has also stated his desire to establish a decentralized wallet to allow its users to fully benefit from decentralized finance (DeFi), particularly through a staking and lending offer.
Although Revolut has a “crypto-friendly” reputation, its offering has been very restricted thus far, offering simply a custodial wallet, however, its cryptocurrency offering is expanding.
Compatibility with non-fungible tokens (NFTs) is also being investigated, although this is not a priority, according to Storonosky, who explains that the objective is to start “with the basics.”
Thus, Revolut hopes to succeed in the risky bet of taking care of complex operations such as bridge or cross-chain and making them transparent in order to model itself on the simplicity of regular banking operations.
“We want to make sure people can transfer cryptocurrencies the same way they do with a bank account. First, we are going to launch on Ethereum, but then we will make it multichain. And Revcoin will follow a similar trajectory. »