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UK Bank Revolut Now Lets Users Buy, Withdraw Bitcoin

May 6, 2021 11:42 am
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UK Bank Revolut Now Lets Users Buy, Withdraw Bitcoin

United Kingdom challenger digital bank Revolut now allows its customers to move the Bitcoin (CRYPTO: BTC) acquired through its systems to external wallets.

What Happened: According to industry news outlet Cointelegraph, Revolut decided to start allowing its users to move Bitcoin four years after starting to allow them to buy it, according to the industry news outlet Coin Telegraph.

This feature is in beta and only available to U.K.-based customers holding its paid-for metal card accounts. Revolut limits withdrawals from 500 pounds ($693.98) to 1,000 pounds ($1,387.96) per month at first to three external addresses.

In the future, Revolut plans to expand this feature to its customers located in any country, including the United States, Australia and European Union. 

The bank's founder and CEO Nik Storonsky said that "crypto withdrawals have been a heavily requested feature," adding: "this is just the start of a long list of new crypto features we plan to launch so we can offer customers one of the best crypto products on the market."

Until now, Revolut's crypto asset trading features worked in a way similar to PayPal's features launched in October 2020: users could buy, hold and sell Bitcoin and other digital assets but could not move them outside of the system or introduce them from external wallets.

In addition to those features, PayPal later started allowing its users to pay for products and services with cryptocurrencies held on the platform.

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