Revolut founder outlines plans to launch its own token.

Revolut will launch its own digital token as part of expanding its customer loyalty programme. In an interview with The Block, the fintech founder Nikolai Storonsky said.

According to him, the tokens will be distributed among Revolut users. He explained that the model is similar to loyalty programmes offered by airlines — the more a customer uses the app, the more digital assets they receive.

“This will definitely not be a stablecoin. The aim is to make loyalty tradable,” Storonsky clarified.

The founder also said that the cryptocurrency wallet being developed by the company would be non-custodial. After registration, the user would receive a seed phrase and a private key, enabling them to manage assets through any other app.

Storonsky revealed details of the crypto wallet’s development in April 2022. At that time he noted that the service would support staking of digital assets and lending features.

In an interview with the publication, the company’s head clarified that the wallet would function as a standalone application, as well as one of the options within Revolut’s internal hub.

“Initially we will launch the app on Ethereum, but subsequently we will add support for other networks,” he added.

Storonsky did not disclose a timeline for the project’s launch.

In May, the online broker Robinhood announced the creation of a non-custodial Web3 wallet that will give users full control over their cryptocurrency and direct access to DeFi and NFT segments.