Revolut is to allow customers to transfer their bitcoin holdings to wallets outside the superapp’s ecosystem, adressing a long-standing gripe about the company’s walled garden approach to crypto trading.
The beta rollout of BTC withdrawals addresses a number of sticking points in Revolut’s embrace of cryptocurrencies, which prevented customers from transferring their holdings to other users or storing the cryptocash anywhere other than their Revolut account.
To begin with, Revolut will give exclusive access to UK Metal premium customers. They will be able to add three external addresses and withdraw up to £500 a day and £1,000 a month.
Nik Storonsky, founder and CEO at Revolut, says: “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.”
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Last month, Revolut added 11 new cryptocurrency tokens to the app, brining the total number of coins available for customers to trade to 20.
The fintech plans to roll crypto withdrawals out to other paid plans and markets in the near future, says Stronsky, as well as launching more crypto feature.