Crypto News

Revolut to Enable its Users to Withdraw Bitcoin to External Wallets Next Week

Revolut to Enable its Users to Withdraw Bitcoin to External Wallets Next Week

UK-based Revolut is all set to allow its users to withdraw Bitcoin (BTC) from the platform to an external wallet.

This was released in an announcement through a blog post which has now been deleted due to a reportedly scheduling error. The announcement was set for next week on Thursday.

In its deleted post, Revolut indicated that it plans to allow other crypto assets for withdrawal as well. “We’re starting with Bitcoin, but we’ll be adding more tokens and upgrades in the near future,” it read.

The paid customers will be able to withdraw £1,000 per month or £500 per day, and only three external addresses are allowed to be added, with limits to be reviewed in the future.


Revolut’s GIF from the deleted blog post

The withdrawal process is described as easy as customers adding a wallet address, entering the amount, and just clicking withdraw. The company also noted that its blockchain analytics partner would be screening all the external crypto addresses as part of anti-money laundering (AML) measures.

To boost security, two-factor authentication is also enabled.

There are over 20 cryptocurrencies available for purchase and sale on the app, including the DeFi coins and hot crypto assets like Yearn Finance (YFI) and Uniswap (UNI).

Revolut still assured its customers that the majority of its crypto funds are held in cold storage with some of the best custodians. The company is reportedly sitting on over £1bn (almost $1.4 billion) worth of crypto on behalf of its customers.

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