Financial services platform Revolut will allow users to withdraw bitcoin to their own wallets, something firms like PayPal should consider.
Revolut, one of the world’s largest mobile financial services platforms, historically has allowed users to purchase bitcoin on the platform, but not transfer it to wallets that they control. However, per a leaked blog post found by AltFi, premium customers will soon “get beta access to transfer their Bitcoin holdings out of Revolut.”
AltFi reported that the announcement was made on Revolut’s corporate blog, before being quickly deleted. A spokesperson has since confirmed the news, and the option should become available on May 6.
“The limitation of not being able to store your holdings anywhere apart from Revolut has long deterred traders, as it seemingly goes against the decentralized, open principles which underline crypto,” AltFi reported. “It has also stopped traders from using crypto bought via Revolut as a medium of exchange, given they haven’t been able to send or transfer bitcoin to other customers.”
The deleted announcement revealed that the firm was “starting with Bitcoin, but we’ll be adding more tokens and upgrades in the near future.” The report also mentioned that only three external addresses can be added to the app while withdrawals would be limited to £1,000 per month or £500 per day, with limits being reviewed in the future.
Notably, financial institutions like PayPal, which offer similar bitcoin investment options, do not allow their users withdraw their bitcoin into wallets for which they control the private keys and, therefore, the funds.