A leaked corporate blog from Revolut that has been quickly deleted revealed that the company would soon allow its customers to transfer or withdraw their Bitcoin (BTC) holdings.

As one of the world’s largest mobile financial services platforms, Revolut allowed users to purchase BTC on their platform. However, it has not allowed the transfer of such assets to the wallets that the users own and control. But the now-deleted post has shown the firm’s premium customers will soon “get beta access to transfer their Bitcoin holdings out of Revolut.”

Despite the blog post being taken down, the news was confirmed by a representative of the company, clarifying that the option should be available starting May 6.

A game-changer for Revolut

The decision of the financial advisory firm could be a huge game-changer, not only for it but also for its users.

Traders are reportedly deterred by the limitation of not being able to store their holding anywhere apart from Revolut. It’s because it seems to go against the decentralized and open principles that highlight crypto.

Moreover, because the users lack the ability to send or transfer Bitcoin (BTC) to other customers, traders are hindered from using crypto bought through Revolut as a medium of exchange.

Not just Bitcoin, more in the future

Revolut will just start with the leading cryptocurrency, Bitcoin (BTC), and will be adding more tokens and upgrades in the near future.

Moreover, one of the limitations of the option that will be made available soon is that only three external addresses can be added to the app. Withdrawals will also be limited from £500 per day to £1,000 per month, subjected for further reviews in the future.

On the other hand, giants such as PayPal offer similar Bitcoin investment options but don’t allow their users to withdraw their BTC into wallets that give them control of the private keys and, most importantly, their funds.

Image courtesy of Cointelegraph News/YouTube 

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Source: https://bitcoinerx.com/blockchain/revolut-to-allow-users-to-withdraw-bitcoin/