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London-based Revolut, a fintech company with more than 15 million customers globally, has today announced the launch of crypto withdrawals. This would provide customers with the option to transfer BTC to their personal wallets outside of the Revolut ecosystem if they wish.

Crypto withdrawals

With the roll out of this development, Revolut customers will now be able to choose where to store their Bitcoin. “Whether that’s on Revolut, or hot or cold storage, withdrawals have never been easier and customers have more freedom, flexibility and control over their Bitcoin,” says the company in the release. 

The exclusive beta access will be available to Revolut’s UK Metal plan customers, wherein, they will be able to add three external addresses and withdraw up to £500/day (approx €577.53) and £1,000/month (approx €1155.07). Besides, for extra safety and security, the company has also introduced two-factor authentication, so that customers can be 100 per cent sure every time.

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. 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.”

In addition to that, to get this feature, customers can also upgrade their account to Metal and get other features such as stock trading, savings vaults, and Revolut Junior. 

The fintech plans to roll crypto withdrawals out to other paid plans and markets in the near future, as well as launching more crypto features.

Everything about Revolut

Founded in 2015 by Nikolay Storonsky and Vlad Yatsenko, Revolut is a financial services company that specialises in mobile banking, card payments, money remittance, and foreign exchange. It includes a prepaid debit card, currency exchange, and peer-to-peer payments.

Using Revolut can show customers exactly how much they are spending each month on things like restaurants and groceries, can set monthly spending budgets for these categories and manage fees for subscription services, send and request money from friends instantly, and round-up their card payments and build-up their spare change.

One of Revolut’s key features includes conversion from one currency to another based on interbank rates with no fee. Customers can hold foreign currencies in their accounts or send money to another Revolut user or a bank account outside of their country.

Revolut’s recent developments 

Last month, Revolut launched in India and appointed Paroma Chatterjee as its CEO in India. It also announced its plans of making a multimillion-pound investment in India over the next five years and has committed to the creation of 300 new jobs in the country to serve its global business operations.

Earlier this year, in March, the London-based fintech announced to operationalise its European specialised banking licence in 10 European markets.

In January, the fintech announced plans to create a financial super app and had submitted its application for a bank licence in the UK to the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). 

Last year, Revolut launched its specialised bank in Poland and Lithuania and started offering highly competitive credit products in both countries.

In December 2020, the company launched its online web app for its customers in the European Economic Area (EEA), Australia, Canada, Singapore, Switzerland, Japan and the US. The development was for customers so that they can safely access their accounts from a browser on desktop or laptop, in addition to the smartphone app.

To date, the company has raised about $1B (approx €830.46M) in investment at a valuation of $5.5B (approx €4.56B).