Revolut Enables Bitcoin Withdrawals in U.K.
- The new crypto withdrawal service is still in beta, and is limited to only U.K.-based customers with Revolut Metal accounts and Bitcoin withdrawals.
- Once the beta is finished, Revolut is likely to roll out the service to more jurisdictions, and support more digital assets.
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Financial app Revolut is for the first time enabling crypto withdrawals on its platform since it first started offering crypto services to its clients in 2017, the firm said in a press release on 5 May.
According to the announcement, the firm will first launch a beta version of the service, which will support only Bitcoin withdrawals, before it commits to a larger roll out. Only users of Revolut in the U.K., who have a top-tier Metal accounts, will be able to withdraw Bitcoin to their wallets initially, though the firm is planning to roll out the services to all its clients worldwide in the future. Revolut’s CEO, Nik Storonsky, said in a statement:
“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.”
Following the beta — which is expected to last a minimum of 45 days — Revolut plans to do a phased rolled out of the service, first extending it to the rest of its U.K. customers, and then releasing it in its other markets, including Europe, Canada, Singapore, Japan, the United States, and Australia.
The beta will also be fairly limited, with users having a withdraw limit of £1,000 per month and £500 a day, in addition to being able to register only three external addresses for the withdrawals. The company said crypto withdrawals was the first from a “long list of new crypto features” it plans to add to its platform.
Back in October, Revolut partnered with custody platform Fireblocks so it could leverage its unique MPC-based wallet and network infrastructure, and bring more innovative crypto services to its customers. The collaboration enabled Revolut to streamline liquidity settlements through Fireblocks’ Network, and guarantee “the best possible price” for its users while reducing counterparty risk.
- The U.K. accountancy and audit regulator noted that Revolut’s audit was “inadequate”, and had “high risk of an undetected material misstatement”.
- The Financial Reporting Council has also concluded that the payment app needs to improve its back office and controls, as it needs the “control environment of a bank”.
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- Elliptic will provide Revolut with an automatic compliance solution that meets FCA requirements.
- Revolut Metal customers in the U.K. will be able to withdraw their cryptocurrencies, with the service set to roll out globally in the future.
- The financial services provider will join Fireblocks as its 100th customer, with the goal of introducing various new cutting-edge cryptocurrency features.
- Revolut will leverage Fireblocks’ infrastructure to potentially scale their cryptocurrency services to millions of new clients.