Bitcoin withdrawals are coming soon to Revolut

The banking program responds to the requests of its users. Revolut would soon enable Bitcoin withdrawals, as well as other cryptocurrency withdrawals throughout the future.

Until now, clients of the British neo-bank Revolut have been able to purchase a variety of cryptocurrencies, like Bitcoin. These assets, on the other hand, remain on their accounts. It is, in reality, impossible to move them to an external wallet.

This ban is on the verge of being lifted. Revolut announces the arrival of BTC withdrawals in a blog post that was published by mistake and has since been removed. Clients of the bank would be able to transfer and then sell their crypto.

Revolut, on the other hand, has no intention of stopping there. « We're starting with Bitcoin, but we'll be adding more currencies and updates in the near future, » the blog explained. This announcement has been confirmed by the company.

However, withdrawals will be accompanied by limits, at least during the testing process. To begin, this new alternative would require that you have a paid Revolut account, i.e. the Metal offer (16.77USD/month).

Clients, on the other hand, would be limited to three distinct external addresses. Finally, Bitcoin withdrawals are limited to 1000 pounds a month or 500 pounds per day. This cap is set in British pound sterling currency.

Revolut could, however, expand this function beyond the UK's single market. Furthermore, the neo-bank intends to re-examine the limits on withdrawals, without specifying a timeline at this time.

Nonetheless, this cryptomonnaie transfer feature has already caused a significant market disruption. Despite the existence of cryptocurrency exchanges, external transfers are not available on competing platforms.

They are often accompanied by significant fees. Revolut would not deviate from the rule in this regard. These purchases would, in fact, be subject to fees. The bank, on the other hand, picks up the pace of its competitors.

To date, crypto platforms such as Robinhood and PayPal do not allow withdrawals or external transfers. Cryptomonnaies obtained by their deception remain in their ecosystem. A ban motivated first and foremost by regulatory concerns and the fight against whitewashing.