British fintech company Revolut, Bitcoin withdrawal becomes possible

Revolut has launched a beta withdrawal of Bitcoin, and in the early stages, withdrawals of 500 to 1,000 pounds per month (about 78 to 1.56 million won) are allowed. Currently, it is limited to UK customers who have subscribed to Revolut’s metal service for £12.99 per month. Cointelegraph reported this on the 6th (local time).

Bitcoin withdrawal finally became possible four years after the leading European financial app, Revolut, first offered cryptocurrency trading services to some users, and a year after expanding transactions to all 7 million users around the world.

Revolut first added Bitcoin (BTC), Litecoin (LTC), and Ethereum (ETH) transactions for premium users in 2017, but so far has not supported withdrawals.

The company announced the beta launch of Bitcoin withdrawals, the first to have exclusive access to metal customers. In the future, it plans to support withdrawal to other customer bases.

This is similar to PayPal, which started trading in U.S. cryptocurrency at the end of 2020, and coins purchased on the platform cannot be withdrawn. (Purchase/sell only, deposit/withdrawal not allowed)

First of all, Revolut users can add 3 external addresses and withdraw an amount of 500 to 1,000 pounds per month (approximately 78 to 1.56 million won), and also introduces two-factor authentication to alleviate security issues.

Nik Storonsky, founder and CEO of Revolut, said users requested withdrawals.

“Cryptocurrency withdrawal is one of the many features requested by Revolut’s cryptocurrency community, and we are delighted that we can roll it out gradually. Customers can withdraw from Revolute, hot storage (online wallet) or cold storage (offline wallet), to other exchanges, wherever they feel they are safest.”

“This is just the beginning of a large list of new cryptocurrency features that we are going to release. We will be able to offer our customers one of the best cryptocurrency products.”

Revolut is a London-based company that provides clients’ bank accounts, debit cards, currency exchange, fee-free stock trading, cryptocurrency trading, and foreign exchange services. The app supports customers in Europe, Canada, Singapore, Japan, the United States and Australia.

The digital banking app launched a cryptocurrency service for all standard users in April 2020.

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Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.