Revolut’s UK users shall be happy to learn that the firm is now allowing transfers off their platform for Bitcoin.
Revolut is one of the big fintech firms that offers users access to cryptocurrency in a custodial manner. It is now starting to experience allowing transfers off their platform for Bitcoin users in the UK. This signifies baby steps toward Bitcoin self-custody.
It is quite interesting to see more and more fintech firms from Revolut to PayPal get involved in the space in various ways.
There is a progression from custodial to less custodial to giving people access to their own keys where they can store their Bitcoin. They can store the Bitcoin wherever they want off the platform on which they got it.
Revolut’s move may be seen as either an aberration or a pattern that might be seen with other of these fintech players.
These fintech companies are all taking over slowly and that was something expected. There are companies like Robinhood, PayPal, and Revolut, saying that they are going to introduce crypto in tiny baby steps. You cannot really do anything with it but buy it and hold it on the platform and then can get rid of it on the platform.
So slowly all these companies are going to transition to be able to move these funds to wherever they want. Companies are hesitant to introduce that right off the bat because it is complicated technology and is new for people to understand. For new users of crypto, this concept of moving crypto to another account can get quite complicated and has many issues attached.
Someone might lose their coins and then write to the company to return their coins, which they accidentally sent to the wrong address. The company would have to explain to them that they actually had control over it and they should have been careful.
Thus, it is understandable why such a step was not taken earlier. A move into this space is expected as people get more comfortable with this technology and companies discover how to put on training wheels.
Just as you start to see, PayPal get into the crypto space as well and be this walled garden to plan. Other companies that have been in that kind of walled garden arena for a bit start to open up the gates in some way.
The move by Revolt and other like companies might point to customers being more educated about it. More people are asking about it, more people have started to feel comfortable with it, and is a good indicator for getting people involved.
These bridges and gateways into the crypto world are quite significant. The Crypto world is evolving and maturing with different niches and target products being created to cater to everyone’s needs.