Bitcoin may now be withdrawn from your Revolut account in the UK if you are a Metal customer with the cap set at $1,400 a month (£1,000).
Bitcoin Withdrawals Now Happening on Revolut
Revolut now officially allows UK customers to withdraw their Bitcoin to external wallets, the company announced in a blog post. Moving forward, all Metal account holders will be able to cash out Bitcoin as opposed to only buying, selling, or storing the currency, which is what the previous functionalities of the app were limited to.
The news was first dropped on Thursday and the company followed up with a quick massive update for the app shortly after. However, Bitcoin is still untested water for mainstream finances, and even for Fintech companies such as Revolut, prompting some caution on the part of the payment processor and not least fear of regulatory consequences.
As a result, Revolut will only allow withdrawals of up to $1,400 a month (£1,000) and up to three addresses. There will be a fee for each transaction that will be calculated in both BTC and GBP.
Revolut Beats Competitors to the Crypto Punch
Effectively, Revolut has become the first Fintech bank to allow withdrawals in crypto, even though PayPal and Robinhood have been all gung-ho about the adoption of such payment options for several months now.
PayPal introduced and extended crypto payments to merchants and consumers in October for the United States and followed up with more jurisdictions, including the United Kingdom, shortly after. There are some uncertainties about the way things are purchased even from (now) established crypto processors such as PayPal and Robinhood.
For example, both companies are allowing you to buy an IOU that can then be turned into cryptocurrencies. Revolut though is not shying away in the face of regulation and if anything, the company is planning to keep adding coins to its offer, making it an attractive offer for tech-savvy consumers.