Revolut will allow withdrawals of bitcoin and other cryptocurrencies from its app

The English digital financial services application, Revolut, will activate bitcoin (BTC) withdrawals from its cryptocurrency trading platform. Starting next Thursday, May 6, premium users or users with Metal accounts will be able to dispose of their funds into their personal wallets, if they so wish.

Revolut made the launch public through an article published on its website, but minutes later it was deleted. However, a company spokesperson stated that the statement was released by mistake, but that the activation of the service is scheduled for May 6.

“We will launch next Thursday, unfortunately the post was uploaded a bit early,” reported a company spokesperson quoted by Forbes. The post would have been leaked due to an error in the scheduling date, according to the source.

In this first phase, operators will only be able to withdraw bitcoin, however, the option will be available soon for the rest of the 21 cryptocurrencies that are traded within the platform. This was announced by Revolut in the deleted post, a company that began to approach cryptocurrencies since 2017, as reported by CriptoNoticias.

Limits for withdrawing bitcoins

Users with Metal accounts will have access to the service in beta mode, although with limits in terms of amounts and addresses to use. According to information collected by Altfi, before Revolut deleted the post, the operators they can only add three external addresses during the trial period.

Additionally, withdrawals would be capped at £ 1,000 (about $ 1,385) per month or £ 500 ($ 692) per day. The company indicated that these limits will be reviewed in the future for a potential adjustment, something that would depend on the demand of its operators.

It is not clear what the fees to pay for withdrawing bitcoin from Revolut would be. However, the company’s page notes that Metal account subscribers pay a $ 18 (£ 12.99) monthly subscription fee or 166 dollars a year (120 pounds). As for the rates to be charged for operations with cryptocurrencies, this is 1.5% for Metal accounts.

The support that Revolut gives to cryptocurrencies so far is the internal sale from its app. Users cannot withdraw their digital assets to a personal wallet or send them to an exchange to exchange for other cryptocurrencies. This situation is the one that would be about to change, at least for a select group of users.

It should be remembered that Revolut announced in April the incorporation of 11 new tokens to its cryptocurrency-related service for users in the United Kingdom and the United States. The crypto assets added were: Cardano, Uniswap, Synthetix, Yearn Finance, Uma, Bancor, Filecoin, Numeraire, Loopring, Orchid and The Graph.