Revolut to now Allow Bitcoin Withdrawal

Famous finance application, Revolut has launched Bitcoin withdrawals on its platform. The news came in earlier than it should have. In an announcement made early this morning, the platform made it known that it will now permit users to withdraw their Bitcoin. The announcement on the blog was quickly deleted, very shortly after it was posted. However, the news was quickly captured by AltFi, who in turn broadcasted the message. 

Per Forbes, the news was accidentally pushed out too early. While the platform has not changed its intentions regarding Bitcoin withdrawals, the announcement was to be made on the 6th of May, rather than today, May 2nd. 

Prior to the leaked announcement, the fintech platform has been operating with cryptocurrencies as well as fiat. However, users could not withdraw their crypto assets from the platform. They could only utilize it within the platform.

This served as a major turn off for many who wanted to use the platform. As some users described it, their crypto policy was against the main concept of cryptocurrencies, which is decentralization. 

Platforms that Operate in a Similar Fashion to Revolut

Revolut is not the only platform that operated like this. Famous payment platform, PayPal also operated in a similar fashion. Robinhood, a platform for trading stocks at a time did not permit crypto withdrawals too. Due to the need to satisfy users demand, these platforms have adopted a more flexible system in recent times.

Revolut’s recent upgrade has been welcomed by the crypto community. Some users of the platform have gone ahead to test the new feature, even if its announcement came in earlier than it should have. 

In a tweet by one of the users of the Revolut app, the user revealed that he has tried out the platform and the crypto withdrawal function worked without any hitch. He however recommended that Revolut permit users to withdraw to more than 3 Bitcoin addresses. 

At the moment, over 20 different cryptocurrencies can be traded on Revolut. The platform intends to include the withdrawal of other major cryptocurrencies soon.

Views and opinions expressed are solely those of the author and not of The DeChained or any affiliated party. Views or opinions expressed in this article (or any article on the website) are not financial advice. Articles are for informational purposes only. The author and The DeChained may hold positions in assets discussed in this or other articles.
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