The banking application gives way at the request of its customers. Revolut will soon allow the withdrawal of bitcoins and other cryptocurrencies in the future.
So far, clients of the British neobank Revolut can buy a variety of cryptocurrencies, including bitcoins. However, these assets remain in their accounts. It is impossible to transfer them to an external wallet.
This limitation is removed. In a blog post posted in error and since deleted, Revolut is indeed announcing the start of BTC withdrawal. This way, the bank’s clients will be able to transfer them and then resell their cryptocurrency.
Withdrawal of funds for a limited amount and payment
However, Revolut is not going to stop there. ” We are starting with bitcoin, but will add more tokens and update in the near future. “, Pointed out the blog. The company confirms this claim.
However, withdrawals will have limitations, at least during the testing phase. First of all, this new option will require you to have a paid Revolut account, the Metal offer (€ 13.99 / month).
In addition, customers will only be able to add three separate external addresses. Finally, Bitcoin withdrawals cannot exceed £ 1000 per month or £ 500 per day. This limit is set in British fiat currency.
However, Revolut may open this feature to more than just the UK market. In addition, neobank plans to revise these restrictions on withdrawals without specifying a schedule at this stage.
Revolut is different from Robinhood and PayPal
However, this cryptocurrency transfer feature is already a real breakthrough in the market. Apart from crypto exchanges, external transfers do not exist on competing platforms.
They also come with significant costs. In this regard, Revolut will not be an exception to the rule. There will indeed be a commission charged for these transactions. However, the bank is gaining momentum from its competitors.
Crypto services like Robinhood or PayPal do not currently allow withdrawals and external transfers. Cryptocurrencies obtained with their help remain in their ecosystem. The restriction is motivated primarily by issues of regulation and combating money laundering.