Revolut allows Bitcoin withdrawals in the UK
Bitcoin can now be withdrawn from your Revolut account in the UK if you are a Metal customer with the cap set at $ 1,400 per month (£ 1,000).
Bitcoin withdrawals are now happening on Revolut
Revolut now officially allows UK customers to withdraw their Bitcoin to external wallets, the company said in a blog post. Go ahead, all Metal Account holders will be able to withdraw Bitcoin instead of buying, selling or storing just the currency, which was limited to the previous functionality of the app.
The news was first published Thursday and the company followed up with a quick and massive app update shortly thereafter. However, Bitcoin is still untested water for mainstream finance, and even for fintech companies such as Revolut, prompting some caution on the part of the payment processor and above all fear of regulatory consequences.
As a result, Revolut will only allow withdrawals up to USD 1,400 per month (GBP 1,000) and up to three addresses. There will be a fee for each transaction which will be calculated in both BTC and GBP.
Revolut beats the Crypto Punch competitors
Indeed, Revolut became the first FinTech bank to authorize crypto withdrawals, although Pay Pal and Robin Hood have been excited about adopting such payment options for several months now.
PayPal introduced and expanded crypto payments to merchants and consumers in October for the United States and followed up with other jurisdictions, including the United Kingdom, shortly thereafter. There are uncertainties about how things are bought, even from (now) established crypto processors such as PayPal and Robinhood.
For example, both companies allow you to buy a IOU which can then be turned into cryptocurrencies. However, Revolut does not shy away from regulation and where appropriate the company plans to continue adding parts to its offering, making it an attractive offering for discerning consumers.