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Revolut to facilitate crypto withdrawals

Photo of: Joseph Stone
by Joseph Stone

The banking app is giving in to the demand of its customers. Revolut will soon allow withdrawals of Bitcoin, and in the future also other cryptocurrencies.

Until now, customers of the British neo-bank Revolut can buy various cryptocurrencies, including Bitcoin. However, these assets remain on their accounts. It is not possible to transfer them to an external wallet.

This restriction is about to disappear. In a blog post, published by mistake and since deleted, Revolut announces the arrival of BTC withdrawals. The bank’s customers will therefore be able to transfer them and then resell their crypto.

Revolut doesn’t plan to stop there though. “We’re starting with Bitcoin, but we’ll be adding more tokens and upgrades in the near future,” the blog stated. The company confirms this announcement.

Nevertheless, withdrawals will come with restrictions, at least during the test phase. First of all, this new option will require a paid Revolut account, which is the Metal offer ($13.99/month).

Also, customers will only be able to add three separate external addresses. Finally, Bitcoin withdrawals will not be able to exceed 1000 pounds per month or 500 per day. This limit is defined in British fiat currency.

However, Revolut could also open up this feature beyond the UK market alone. In addition, the neo-bank plans to review these restrictions on withdrawals, without specifying a timeline at this stage.

This cryptocurrency transfer feature is nevertheless already a real breakthrough in the market. Apart from crypto exchanges, external transfers do not exist on competing platforms.

Moreover, they come with substantial fees. On this point, Revolut will not deviate from the rule. These transactions will indeed be subject to fees. The bank is nevertheless taking competitors by storm.

Crypto services like those of Robinhood or PayPal do not currently allow external withdrawals and transfers. The cryptocurrencies acquired through them remain in their ecosystem. A restriction motivated primarily by regulatory and anti-money laundering issues.