As we read in the news about increasing levels of bitcoin being withdrawn from exchanges to wallets and cold storage, it is useful to see that the UK challenger bank, Revolut has finally implemented withdrawals.
Although I am a fan of Revolut more generally (they come across as a breath of fresh air in amongst the long-standing legacy banks!), it did frustrate me that their crypto purchasing platform did not allow for the tokens to be withdrawn from inside the app itself.
After all, as they say:
Not your keys, not your coins.
So essentially, when using the Revolut app to purchase crypto in the past, it was almost like holding an ETF (or similar) as you never actually owned the underlying token - you could only cash out on the app itself. You were, in effect, tied-down.
The good news is that this has now changed.
The app now allows you to transfer your crypto to your own wallets or cold storage which is a big step forward. Especially at a time when most UK and other worldwide banks are prohibiting customers from purchasing crypto e.g. by banning transfers to exchanges. We need more on-ramps to the crypto world for normies and this might just be another step forward.
Not financial advice. Do your own research.
Interesting. I haven't used Revolut for years, not since I've been able to trade GBP directly. I used it as a way to get euros easily to trade somewhere else.
I never used it for crypto because you couldn't take crypto out of it. Maybe it's time to revisit now.
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