Revolut to offer crypto balance payments

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Updated October 28, 2022 | Published October 28, 2022

2 mins read

The company will now allow consumers to spend their digital assets on goods and services through merchants.

Digital bank Revolut has announced that it will enable its customers to start using their cryptocurrency balance to make purchases through the Revolut card.

This marks the latest step by the company to embrace and adopt cryptocurrencies, while at the same time making the onboarding process simpler and focusing on ease of use.

It is similar to a move already undertaken by PayPal, which enabled merchants and consumers to make and receive payments in a number of approved cryptocurrencies.

Starting on November 1, Revolut will also be able to do so. Revolut will also launch a limited-time 1% cash back on all cryptocurrency balances spent.

The news follows the company’s license from the Financial Conduct Authority, the British markets authority, which cleared Revolut to operate in the country as a licensed entity.

Revolut had to go through a lengthy approval process, but succeeded in the end. Today, the company offers 30 cryptocurrencies across its platform and has more than 20 million personal users from across the globe.

Revolut has inspired many companies in the sector – as well as its own employees – to make crypto investment and usage more approachable.

For example, former Revolut employees launched Solvo earlier this year and are seeking to create next-gen experience that will allow them to introduce more consumers to investing in digital assets.

FCA-licensed, Revolut is also running its services and products in Europe. This has significantly improved the company’s geographical reach.

The latest rapid expansion in digital currencies is a sign that crypto regulation is changing to factor the fact that there is a growing demand for digital assets.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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