The fintech company Revolut today announced in a press release the possibility of making crypto withdrawals and transferring bitcoin bought on Revolut to other external wallets.
So from now on, some of Revolut‘s customers will be able to choose where to store their bitcoin.
For the time being, this feature will only be open to Metal customers in the UK, who will be able to add three external addresses and withdraw up to £500 per day and £1,000 per month.
For added security and protection, Revolut has also introduced two-factor authentication (2FA) via SMS.
Nik Storonsky, founder and CEO of Revolut, explained:
“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”.
Revolut, crypto withdrawals soon in other countries
Revolut also explained in the press release issued today that they plan to extend crypto withdrawals to other paid plans and other countries in the near future, as well as launch additional features for crypto enthusiasts.
So those who don’t have the Metal payment plan and aren’t UK residents can still buy bitcoin and dozens of other cryptocurrencies using the Revolut app for now, but won’t be able to move them to other wallets just yet. They will only be able to convert the crypto into euros or other fiat currencies via the app, and will therefore not be able to trade on other exchanges.
Recently, Revolut announced the addition of 11 new crypto assets to its basket, such as Cardano, Uniswap and Filecoin.
Furthermore, according to the company’s data, interest in buying bitcoin from their customers increased by 320% in Italy last quarter.