- Revolut has launched a new feature to allow users to buy and deposit cryptocurrencies into their MetaMask wallets.
- The move comes at a time when Wall Street giants and financial technology companies are increasingly turning to cryptocurrencies.
Revolut is diving into the cryptocurrency space with its new MetaMask collaboration in an effort to give more people access to digital assets.
The challenger bank unveiled a new feature on Wednesday. Dubbed Revolut Ramp, the program will allow its 40 million users to purchase cryptocurrencies and deposit them directly into MetaMask wallets.
“This partnership is really about giving our users what they want — more control over their cryptocurrencies, in a straightforward way,” Lorenzo Santos, senior product manager at Consensys, the company behind MetaMask, said in a statement on Wednesday.
“It also plays a crucial role in promoting wider adoption of cryptocurrencies, opening up the world of cryptocurrencies to more people.”
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MetaMask has 30 million users, the company said.
The launch of Revolut Ramp comes at a time when traditional finance companies are increasingly turning to cryptocurrencies.
Notably, Wall Street giants like BlackRock and Fidelity have fueled the Bitcoin ETF boom this year, which is the main driver behind the cryptocurrency reaching a new all-time high on Tuesday.
However, smaller companies, such as stock trading app Robinhood, payments giant PayPal, and mobile payment company Venmo, have also developed their own cryptocurrency services recently.
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Batch Encryption Revolut
Revolut Ramp is available through the MetaMask app, browser extension, and its Portfolio platform. Users can purchase up to 20 cryptocurrencies, including Ethereum, USDC, and Shiba Inu.
Ramp is designed to bypass additional verification for existing Revolut customers by leveraging KYC processes already conducted via the Revolut app.
New customers can still use Revolut Ramp, but must go through the same KYC process as neobank users.
A “small fee” will apply to purchasing cryptocurrencies using Revolut Ramp on MetaMask, which will be displayed prior to purchase, as is the case for all services through the wallet app.
MetaMask and Revolut did not specify their exact fee structure and did not return requests for comment.
Revolut first launched its cryptocurrency trading business across Europe in 2017. During the 2021 bull market, it generated profits of £39.8 million.
Nikolai Storonsky, CEO of Crypto, said that the company contributed up to 30% and 35% of revenue in 2021. Bloomberg TV In 2022.
These tailwinds stopped in 2022 when Revolut returned to the red, revealing a loss of £25.4 million in its 2022 financial results, published in December.
Despite headwinds and scandals like the collapse of FTX, Storonsky said Foreign direct investment intelligence In 2022, Revolut was “doubling down on its efforts in cryptocurrency products.”
Sebastian Sinclair is markets correspondent for DL News. Do you have any advice? Contact Seb on sebastian@dlnews.com.
