Revolut has rolled out cryptocurrency withdrawals to give its users the new option of transferring their digital currency. The feature allows withdrawals to private wallets outside of the Revolut ecosystem in an effective, fast and secure manner.
The customers will be given the freedom, control and flexibility to select the type of storage where to hold their Bitcoins: whether in a hot or in the cold wallet or even to remain on Revolut storage. Customers will be in a position to add 3 external addresses and withdraw up to $695 a day or $1390 a month.
The service also offers a double-layer of security feature with two-factor authentication (2FA) to guarantee maximum security and safety to customers’ funds. Because of the booming market for Bitcoin and other cryptocurrencies, the fintech company will launch extra cryptocurrency features and crypto-asset withdrawals to other viable paid plans, platforms and markets in the near future.
The initial announcement about the new feature came back on April 30. Back then, this big effort by the fintech company has brought mixed reactions in the market. A big percentage of people on various social media channels have welcomed the news with enthusiasm while others are negative about it.
For instance, Richard Grayshon on Twitter said that he is not happy about the timing. He recently transferred his Bitcoins from Revolut App to another NewYork based crypto platform called Celsius Network through High Street bank because Revolut wouldn’t accept exchanges and cited this as just a joke. Some users are complaining about the fees being extortionately high, poor and robotic services, agents taking ages to respond to a chat and complaints, limits on remit funds and many others.
However, the cryptocurrency community is expecting other crypto platforms to follow suit. They are calling out for crypto and fintech giants such as Robinhood, PayPal, BingusToken, eToro and others to launch a similar service soon. Shifting from an IOU to withdraw cryptocurrency in a mainstream banking app like revolut is phenomenal.