Revolut Debuts Withdrawals In Bitcoin

The UK, Revolut, bitcoin, wallets

U.K. FinTech Revolut has added capabilities that give users the power to transfer funds from bitcoin holdings to their own digital wallets, according to a company blog post.

Revolut’s Metal plan customers can tap the new feature starting with bitcoin, but the service will soon expand to include additional digital currencies, the post stated.

“If you’ve recently started buying crypto, or you’re more of a casual trader, you might not be familiar with withdrawals,” according to the post. “This feature lets you take your crypto off one platform and transfer it elsewhere.”

Revolut’s beta launch of bitcoin withdrawals to crypto wallets is limited to U.K. customers who subscribe to Revolut’s Metal service at a cost of 12.99 pounds ($18.05) per month, CoinDesk reported.

U.K. users of Revolut’s Metal number roughly 80,000 — some 40,000 of those users have also invested in cryptocurrency, Revolut Head of Crypto Ed Cooper told CoinDesk.

Cryptocurrency is becoming more prominent, and bitcoin has been further driven by Elon Musk’s investment of $1.5 billion. Bitcoin’s surge to new highs in February was also marked by volatile swings up and down.

Revolut rolled out to the entire U.S in March and also announced that it applied for an American banking license with the Federal Deposit Insurance Corp. (FDIC). The platform launched in 2015 and has since notched almost $1 billion in investments.

Revolut is now on track for a valuation of somewhere between $10 billion and $15 billion. In February 2020, Revolut said it raised $500 million in Series D funding, led by U.S. investor TCV, that valued the company at $5.5 billion.