Outage: Revolut Announces Bitcoin Withdrawals in Hastily Deleted Blog Post
Finally, Revolut is preparing to launch the option to move your crypto to another wallet.
Image source: Revolut.
One of the frustrations of investing in Bitcoin through Revolut has long been its insistence that the holdings remain tied to your account, meaning you can only buy and sell through the Revolut app.
Not for a long time.
In a post on his blog at 10 a.m. this morning, which was quickly deleted here, but not before AltFi vu, Revolut announced that paying Metal customers will get beta access to transfer their Bitcoin holdings out of Revolut.
A spokesperson for Revolut said AltFi that the blog post was published early by mistake and that the launch is scheduled for next Thursday.
More cryptocurrency withdrawals are also on the way, according to the now-deleted blog, “We’re starting with Bitcoin, but we’ll be adding more tokens and upgrades in the near future.”
Revolut described the withdrawal process as “as easy as 1, 2, 3” with customers being able to add a wallet address, enter the amount and press withdraw.
Here’s a GIF from the now deleted Revolut blog post.
Two-factor authentication is also required when adding an address to enhance security.
Certain limits will apply during the beta period, beyond its restriction to paying Metal customers. Only three external addresses can be added and withdrawals are limited to Â£ 1000 / month or Â£ 500 / day, with limits being revised in the future.
Obviously, Revolut would prefer customers to keep their crypto with fintech, and it promises that “the majority of our crypto funds are kept in cold stores with some of the best custodians in the crypto game.”
However, the limitation of not being able to store your holdings anywhere other than in Revolut has long deterred traders, as it apparently goes against decentralized and open principles that emphasize crypto.
It also prevented traders from using crypto purchased through Revolut as a medium of exchange, as they were unable to send or transfer Bitcoin to other clients.
In total, Revolut offers over 20 different crypto tokens that can be bought and sold (and possibly soon traded) through its app, including Ethereum, Litecoin, XRP, and Uniswap.
According to AltFi calculations earlier this year, Revolut could dispose of more than a billion pounds of crypto on behalf of its clients.
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