- Revolut has launched a new feature that allows users to purchase cryptocurrencies and deposit them into their MetaMask wallet.
- The move comes as Wall Street giants and fintech companies are increasingly getting into cryptocurrencies.
Revolut is digging deeper into cryptocurrencies with new MetaMask collaboration to help more people access digital assets.
The challenger bank announced new features on Wednesday. The service, called “Revolut Ramp,” will allow 40 million users to purchase cryptocurrencies and deposit them directly into their MetaMask wallets.
“This partnership is about giving users exactly what they want: giving them more control over their cryptocurrencies in an easy way,” said Lorenzo Santos, senior product manager at ConsenSys, which developed MetaMask. said in a statement Wednesday.
“It will also play a key role in promoting broader cryptocurrency adoption and opening up the world of cryptocurrencies to more people.”
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The company says MetaMask has 30 million users.
Revolut Ramp's launch comes as traditional financial companies increasingly focus on cryptocurrencies.
Most notably, Wall Street giants like BlackRock and Fidelity have been driving the spot Bitcoin exchange-traded fund boom this year, a key driver behind the cryptocurrency's all-time high on Tuesday.
But smaller companies such as stock trading app Robinhood, payments giant PayPal and mobile payments company Venmo have also recently grown their cryptocurrency services.
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Revolut’s Cryptocurrency Push
Revolut Ramp is available through MetaMask's app, browser extension, and portfolio platform. Users can purchase up to 20 cryptocurrencies including Ethereum, USDC, and Shiba Inu.
Ramp is designed to eliminate additional validation for existing Revolut customers by leveraging the customer knowledge processes already in place through the Revolut app.
New customers can still use Revolut Ramp, but they will have to go through the same KYC process that neobank users go through.
A “small fee” applies to purchasing cryptocurrencies using MetaMask’s Revolut Ramp. This fee will be displayed before your purchase, as is typical for all services through the Wallet app.
MetaMask and Revolut did not disclose their exact pricing structure and did not respond to requests for comment.
Revolut first launched its cryptocurrency trading operations across Europe in 2017. The 2021 bull market contributed to a profit of £39.8m.
Cryptocurrencies “contributed up to 30%, 35% to revenue in 2021,” CEO Nikolai Storonsky said. bloomberg tv In 2022.
Those tailwinds ended in 2022, with Revolut back in the red, with its 2022 financial results published in December revealing a loss of £25.4m.
Despite headwinds and scandals like the collapse of FTX, Stronsky said: fDi intelligence In 2022, it was announced that Revolut is “doubling down on cryptocurrency products.”
Sebastian Sinclair is DL News' market correspondent. Any tips? Please contact Cebu: sebastian@dlnews.com.
