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Revolut will launch its own digital token as part of the development of a customer loyalty program. This was stated in an interview with The Block by the founder of the fintech company Nikolai Storonsky.
According to him, the tokens will be distributed among Revolut users. He explained that the model is similar to the loyalty programs that airlines offer – the more often the customer uses the application, the more digital assets they receive.
“It’s definitely not going to be a stablecoin. The goal is to make loyalty tradable,” Storonsky said.
The founder of the company also said that the cryptocurrency wallet it is developing will be non-custodial. After registration, the user will receive a seed phrase and a private key, which will allow you to manage assets through any other application.
Storonsky revealed details of the development of the crypto wallet in April 2022. Then he noted that the service will support the staking of digital assets and landing functions.
In a conversation with the publication, the head of the company said that the wallet will work as an independent application, as well as one of the options in the internal hub of Revolut.
“Initially, we will launch the application on Ethereum, but in the future we will introduce support for other networks,” he added.
Storonsky did not disclose the timing of the launch of the project.
Recall that in May, the online broker Robinhood announced the creation of a non-custodial Web3 wallet that will provide users with full control over the cryptocurrency and direct access to the DeFi and NFT segments.
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