Revolut, a fintech startup established in London with over 15 million customers worldwide, announced the debut of crypto withdrawals in May 2021.
This means that users would be able to buy bitcoin in the UK using their mobile app, but then subsequently send it outside of Revolut’s ecosystem if they desired.
Customers of Revolut will now be able to pick where to keep their bitcoin following the implementation of this feature. Before this announcement, it simply was not possible to withdraw bitcoin or any other cryptocurrency bought using Revolut’s cryptocurrency functions.
Customers on Revolut’s UK Metal plan will have exclusive beta access, allowing them to add three external addresses and withdraw up to £500 per day (about €577.53) for a maximum total of £1,000 per month (roughly €1155.07). In addition, for more safety and security, the organisation has implemented two-factor authentication, ensuring that customers can be 100% certain at all times.
Crypto withdrawals have been a much-desired feature within Revolut’s crypto community. And “we are happy that we can begin the gradual process of spreading it out”, says Nik Storonsky, Founder and CEO of Revolut. Customers can lock down their money wherever they feel safest, whether on Revolut, in hot or cold storage, or on another exchange. It is only the beginning of a lengthy list of new crypto features we plan to introduce to provide clients with one of the best crypto products available. Customers can also upgrade their account to Metal to gain access to additional features such as stock trading, savings vaults, and Revolut Junior.
Everything you need to know about Revolut:
Revolut is a financial services company that focuses on mobile banking, card payments, money transfers, and foreign exchange. Nikolay Storonsky and Vlad Yatsenko created it in 2015.
A prepaid debit card, currency exchange, and peer-to-peer payments are all included. Using Revolut, you can tell exactly how much you are spending each month on things like restaurants and groceries. You can set and manage monthly spending budgets for these categories, manage your subscription fees, instantly send and request money from friends, and sum card payments and deposit change.
Conversion from one currency to another based on interbank rates with no fee is one of Revolut’s core features. Customers can keep foreign currency on their accounts or send money to a Revolut user or a bank account in another country.
You can find out more in our Revolut review.
Revolut’s most recent developments include:
Revolut launched in India last month and named Paroma Chatterjee as the country’s CEO. It has announced plans to invest millions of pounds in India over the next five years, with ambitions to create 300 new positions in the nation to support its worldwide business activities.
In March of this year, the London-based fintech announced that it would begin operating its European specialised banking license in ten European markets. Revolut started offering highly competitive loan products in Poland and Lithuania last year after launching its specialised bank in each country.
The company will deploy its online web app for consumers in Japan, Australia, Canada, European Economic Area (EEA), Switzerland, Singapore, and the United States in December 2020. Customers can now safely access their accounts via a browser on a desktop or laptop computer, in addition to the smartphone app.