Europe’s leading financial app Revolut has finally enabled Bitcoin withdrawals four years after it first provided crypto trading services to some users, and a year after it extended trading to all 7 million users worldwide.
Revolut first added Bitcoin, Litecoin, and Ethereum trading for premium users back in 2017, however they have only been able to withdraw it as fiat until now.
In late 2020, Paypal launched U.S. cryptocurrency trading, with many noting at the time the limited ability of its users to leave the platform. Revolut users can start withdrawing between 500 and 1,000 pounds a month, with two-factor authentication adding a layer of protection to security concerns.
The move follows a similar pathway to Paypal which launched U.S. crypto trading in late 2020, with many noting at time that coins bought on the platform would not be able leave.
It doesn’t matter where customers lock down — whether they go to Revolut or to hot or cold storage, or to another exchange.
Nik Storonsky, Founder and CEO at Revolut, noted that users had demanded withdrawals:
“Crypto withdrawals have been a heavily requested feature within Revolut’s crypto community and we’re delighted that we can begin the gradual process of rolling it out. Customers can lock down wherever they feel safest — whether it’s Revolut, into hot or cold storage, or to another exchange.”
“Digital banking app enabled Crypto services in April 2020 for all standard users, in response to the global pandemic.
Revolut is a London based firm that offers its clients’ bank accounts, debit cards, currency exchange, commission-free stock trading, crypto exchange, and foreign exchange services. We need to work on this.
In response to the global pandemic, the digital banking app rolled out crypto services for all standard users in April 2020.
Despite Revolut's interest in cryptocurrency, Kraken expressed difficulties in working with the firm in September 2020, listing Revolut as one of the cloud banking services that did not process deposits or withdrawals from the U.S. exchange.