The cryptocurrency space has seen a lot of innovation in recent months. As an example, Fintech firm Revolut will soon allow its customers to withdraw their bitcoins to other wallets, a feature that wasn’t available before.
Revolut announces Bitcoin withdrawal options
UK-based fintech company Revolut announced last week that its users can now withdraw their Bitcoins to other wallets. Revolut users previously didn’t have the option of transferring their bitcoins or other cryptocurrencies to other wallets.
One of the biggest frustrations of buying bitcoins and other cryptocurrencies with Revolut is that you can only hold the coins with the platform. However, the company intends to change this by allowing users to transfer their bitcoins to other wallets.
Revolut announced this in a rather bizarre fashion. The company revealed the news in a blog post last week and immediately deleted the message. However, the company confirmed the latest development to Forbes in an email.
According to Revolut, Metal paid customers will be allowed to transfer their Bitcoin holdings out of Revolut. A Revolut spokesperson revealed that the company posted the blog post early by mistake. The service is expected to launch on Thursday, May 6.
Revolut will provide the same feature for other cryptocurrencies in the coming months. The company stated that “we’re starting with Bitcoin, but we’ll be adding more tokens and upgrades in the near future.”
Revolut’s update could put it ahead of PayPal and Robinhood
The frustration of clients buying bitcoins on Revolut is shared similar to other leading platforms such as PayPal and Robinhood. These platforms don’t allow their users to buy cryptocurrencies and transfer them to another wallet.
Forbes stated that “restrictions on PayPal and Robinhood accounts preventing them from moving their bitcoin off the platforms have continued to grate on bitcoin and cryptocurrency devotees—many of whom espouse the cryptographic mantra: “not your keys, not your coins,” warning that if you let a bank hold your cryptocurrency for you, it’s vulnerable to loss or theft.”
Several cryptocurrency enthusiasts believe that buying bitcoins on PayPal and Robinhood means that you don’t own the cryptocurrency. Hence, some of them avoid buying bitcoins via these platforms.
Revolut could win itself massive support from the cryptocurrency space with this change. It could see more customers becoming comfortable with buying bitcoins and other cryptocurrencies on the platform.