8.6 C
New York
Thursday, May 26, 2022
Home Challanger banks Leaked Revolut blog post announces Bitcoin withdrawal option

Leaked Revolut blog post announces Bitcoin withdrawal option

Revolut mistakenly announced that premium customers will be able to transfer Bitcoin (BTC) from the platform to external wallets.

The announcement was made due to a scheduling error through a blog post on Revolut’s website that has now been removed.

Read also: Starling becomes second most switched-to bank in UK

A Revolut spokesperson has confirmed the announcement in an email to Forbes, stating “We’re launching next Thursday, unfortunately the blog went up a little too soon”.

Revolut states that to select BTC, users only add the address of the wallet, enter the amount of the asset and they will have immediate access to the cryptocurrency. Prior to the blog post, Revolut made an internal notice to employees stating that one employee had successfully used the feature.

Revolut is one of the major cryptocurrency mobile apps to now offer bitcoin withdrawals. Unlike Revolut, PayPal and Robinhood are not currently allowing withdrawals of crypto. 

However, Financial Times asked Revolut how they would prevent crypto withdrawals from becoming an avenue for money launderers and Revolut responded: “All external crypto addresses that a user adds to their account and all user withdrawals will be screened by Revolut’s blockchain analytics partner”.

“Revolut’s blockchain analytics tool analyses each address and provides a risk score based on the address’s connection with illicit activity (previous hacks, dark market activity, etc) as well as connections to sanctions list and terrorist financing sources,” the company added.

Revolut currently offers more than 22 different cryptocurrencies which users can buy and sell through the challenger bank’s application.

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

Revolut CEO Nik Storonsky launches his AI-based venture capital fund

Billionaire Nik Storonsky, the co-founder of Revolut, one of Europe's largest and richest startups, plans to launch his own AI-based venture capital fund to compete with legacy venture capitalists.

This is how Klarna will merge e-commerce with physical shopping

Klarna launches "virtual shopping" where online shoppers get access to experts in physical stores.

Revolut reached 1.7 million Irish customers

Of the 5 million population, 1.7million people from Ireland use Revolut to some extent.

Money20/20 “the place where fintech communities love to do business” is back

Money20/20 "the place where fintech communities love to do business" is back