Neo-bank Revolut to allow external Bitcoin (BTC) withdrawals

Revolut will gradually allow external withdrawals of Bitcoin (BTC) and other cryptocurrencies. Customers of the neo-bank are said to hold $ 1.4 billion worth of crypto.

Revolut allows external withdrawals

According to the Financial Times, the neo-bank Revolut will soon allow its users to withdraw Bitcoin (BTC) from their account to an external wallet

As a reminder, the service offered by Revolut remained relatively limited since the cryptocurrencies purchased on its application remained locked there. Apart from buying and selling, customers could only transfer their cryptocurrency to other Revolut users.

Revolut wasn’t supposed to announce this new service until next Thursday, but the company accidentally posted a blog post before removing it. Thus, we were able to learn that the neo-bank was planning to authorize withdrawals in BTC and to extend the service to other cryptocurrencies:

“We are starting with Bitcoin, but we will be adding more cryptocurrencies and upgrades in the near future”

The service will start on a small scale, in ‘beta mode’, with withdrawals limited to £ 500 per day or £ 1,000 per month and only three external addresses can be added. Initially, the service will only be available to UK customers with a Metal subscription.

The company also said that an authorized partner will review all external cryptocurrency addresses as part of anti-money laundering (AML) measures.

The year of crypto at Revolut
In an April email to customers, the company said “2021 is the year of crypto at Revolut.”

The neo-bank had announced to support 11 additional cryptocurrencies allowing its European customers to buy Cardano (ADA), Uniswap (UNI), Synthetix (SNX), Yearn.Finance (YFI), UMA, Bancor (BNT), Filecoin (FIL), Numeraire (NMR), Loopring (LRC), Orchid (OXT), and The Graph (GRT).

Revolut has always assured its clients that the majority of its cryptocurrency funds are kept in cold storage with the best depositories on the market. The company is said to be sitting on nearly $ 1.4 billion in cryptocurrency and claims to open 300,000 new wallets per month.

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