Revolut, a digital banking alternative, launched a metal debit card for it’s premium customers further providing cashbacks upto 1% in cryptocurrency on transactions pervading Europe and 0.1% if it’s within Europe.
Revolut is a prepaid debit service based in UK which provides customers the services to receive, send, & withdraw money in different currencies at the current exchange rate. Revolut’s services are often used by people who are extensively travelling most often international clients., offering UK customers a IBAN (Personal Bank Account Number). The company supports five cryptocurrencies as of now, namely; Bitcoin, Ethereum, Litecoin, Ripple, and Bitcoin Cash. The firm would be allowing the in-app exchange of 25 fiat currencies and would also enable Travelling users to have access to 150 fiat currencies abroad without any fees.
Customers can buy cryptocurrency at 1.5% markup on exchange prices by the card, but the service won’t be allowing the users to access the private keys and won’t support the transfer to external wallet. However, users can exchange and send their digital assets to each other in the app itself or transfer it to fiat and withdraw from local ATM or make a purchase in retail.
Currently boasting a customer base of 2.5 million users in Europe, the crypto-cashback service could bring in significant disruption.
Nik Storonsky, CEO and Founder of Revolut stated,
“The launch of Revolut Metal is also an important step towards the company generating additional revenue, especially as we prepare to launch a commission-free trading platform and expand the business into North America and Asia later this year.”
Darren Deal, VP of Prepaid Cards of Ireland and UK, at Mastercard announced a partnership with Revolut on their new card commenting that it was a lucrative offer for all the overseas and travelling customers.
To be noted, the debit card adoption in cryptocurrency sphere shared a major setback in January , When Visa Cancelled it’s partnership with Wave crest, The payment firm which was supporting the development of Crypto Card projects like TenX and CryptoPay further leading to a sudden closure of six crypto card services.