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, Europe’s leading financial app Revolut has finally enabled Bitcoin withdrawals
Trading for premium users back in 2017, Revolut first added Bitcoin, Litecoin and Ethereum and which can only on a fiat be withdrawn.
With exclusive access first given to its U.K.-based top-tier Metal customers, the financial tech firm announced today the beta launch of Bitcoin withdrawals. Revolut, has users in the U.S., Australia and elsewhere — and to other client tier-bases in the future and plans to roll out withdrawal worldwide.
It is imperative to remember that 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 and which Revolut has followed the move.
To begin with, Revolut users will be able to add three external addresses and withdraw between 500 to 1,000 pounds a month, with Revolut also introducing two-factor authentication to ease security concerns.
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.”
“This is just the start of a long list of new crypto features we plan to launch so we can offer customers one of the best crypto products on the market,” he added.
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. The app supports customers across Europe, Canada, Singapore, Japan, the United States, and Australia.
In response to the global pandemic, the digital banking app rolled out crypto services for all standard users in April 2020.