Revolut activates ‘limited’ Bitcoin withdrawals for its U.K. customers
London based and Europe’s leading financial application Revolut has finally enabled Bitcoin withdrawals. Users can now really start ‘owning’ their crypto and sending it to their private wallets. The move comes four years after it first provided crypto trading services to some of its users and a year after it allowed crypto trading to 7 million users globally.
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. Recently the platform expanded its crypto offering by adding eleven assets to its line up.
For now, the options to take out your crypto will be part of a beta launch of Bitcoin that is only available to its U.K.-based top-tier Metal customers. Should this be successful, Revolut plans to roll out withdrawals worldwide and to other client tier-bases in the future.
Founder and Chief Executive Officer of Revolut, Nik Storonsky, 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.”
He also added that there is more to come:
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.
Limitations
There will be restrictions to withdrawals in the early phases. For example, Revolut users will be able to add three external addresses and withdraw between 500 to 1,000 pounds a month. In an effort to ease security concerns Revolut is also introducing two-factor authentication.
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.
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Source: igaming
