Revolut's UK Users Can Finally Withdraw Their Bitcoin to Personal Wallets

The neobank has come in for criticism in the past for not allowing users to move their crypto off its platform.

AccessTimeIconMay 5, 2021 at 11:01 p.m. UTC
Updated May 9, 2023 at 3:18 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

U.K. digital banking service Revolut will allow its crypto customers to transfer bitcoin purchased on the platform elsewhere for the first time.

The neobank announced Wednesday the beta launch of bitcoin withdrawals to crypto wallets. For now, this will be limited to U.K. customers who subscribe to Revolut’s Metal service at a cost of £12.99 (about US$18) a month.

  • Umee CEO on DeFi Outlook Amid Rising Inflation
    07:00
    Umee CEO on DeFi Outlook Amid Rising Inflation
  • OpenNode Exec on Partnership With Stripe to Allow Bitcoin Conversion Payments
    04:18
    OpenNode Exec on Partnership With Stripe to Allow Bitcoin Conversion Payments
  • How This Taiwanese Fintech Company Wants to Bridge the World Using Stablecoins
    09:28
    How This Taiwanese Fintech Company Wants to Bridge the World Using Stablecoins
  • New York Senate Confirms New Top Financial Regulator
    01:34
    New York Senate Confirms New Top Financial Regulator
  • In the world of custodial crypto, firms like Robinhood, Revolut and PayPal have been scoffed at by enthusiasts for their restrictive stances on controlling one’s own digital assets. “Not your keys, not your crypto” has long been a rallying cry for hodlers burned by exchange hacks and other bugs.

    Revolut, as Robinhood did earlier this year, seems to be taking baby steps toward allowing withdrawals of bitcoin bought on its platform.

    Revolut’s Metal customers in the U.K. number around 80,000, an estimated 40,000 of whom have invested in cryptocurrency, Ed Cooper, the fintech’s head of crypto, told CoinDesk.

    Following the beta release, Revolut plans to extend the rollout to the rest of its U.K. customer base followed by those in other markets, including Europe and the U.S.

    In beta, users will be limited to transferring crypto to just three different addresses, with caps on withdrawals of £1,000 (~$1,400) per month and £500 (~$700) a day.

    “The main thing people want is to be able to withdraw their crypto to cold storage, which makes sense 100%,” Cooper said. “They also may want to withdraw to other exchanges that have got a larger array of tokens on offer, for example.”

    ‘Flayed alive’

    Subject to take up, the beta testing period, which will last a minimum of 45 days, will be followed by a phased rollout where the aforementioned limits are expanded and the service is extended to the other cryptocurrencies that Revolut supports. 

    Following bitcoin, Revolut will "probably tackle" ether, the other ERC-20 tokens and XRP, Cooper said.

    There are currently 21 different tokens available on Revolut’s platform following the addition of 11 in April including cardano, uniswap and filecoin.

    “The goal would be to eventually have withdrawals available for all of them but that will take some time,” Cooper told CoinDesk.

    Revolut began offering crypto trading services in July 2017, but the lack of facility for customers to withdraw their holdings to other wallets attracted widespread criticism. Cooper admitted that Revolut was often “flayed alive” on social media by frustrated users for this.

    “This is something we always wanted to do because it is more aligned with the crypto ethos,” he said.

    “However, for us to get the licenses we needed and keep different partners happy, that wasn’t going to fly, so that’s why we went with the ‘walled garden’ approach you see today,” he said.

    Revolut announced in October it had tapped digital asset custody platform Fireblocks to provide secure payments infrastructure for its crypto-related services. Revolut’s U.S. arm uses Paxos, the same firm powering PayPal’s crypto service.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.