The usage of new platforms like Revolut is constantly expanding. They allow a lot more flexibility for people when it comes to making and receiving payments, no matter where you may be.
The latest offering from Revolut has been launched. It is a metal debit card which premium users can avail of and they can earn as much as 1% in cashback either in the form of cryptocurrency or fiat currency when transactions are made outside of Europe, or a 0.1% cashback rate for those transactions made inside of Europe.
Revolut is a company which started in the United Kingdom and they have rapidly expanded their prepaid debit card offering in 2018. Users are able to send, withdraw and receive funds in a variety of currencies using the real-time exchange rate. It has proven particularly useful for people who are on their travels or work internationally in different currencies.
One of its standout features for United Kingdom users is that they are provided with an IBAN, which is a personal account number.
Currently, there are five different cryptocurrencies which are supported by the platform, being Ethereum, Ripple, Bitcoin Cash, Bitcoin and Litecoin. Users are also able to exchange money inside of the app, catering for 25 different fiat currencies and users can use more than 150 currencies when they are overseas without incurring any additional fees.
If you are buying cryptocurrencies through Revolut, you will pay a markup of 1.5% when compared to if you were purchasing it on an exchange.
At the moment, you are not able to send this cryptocurrency to non-platform wallets and you are not able to get access to your respective private keys.
You can send cryptocurrency to other Revolut users or turn it into fiat and then go to an ATM and withdraw it there. For the most part, these cryptocurrency funds are kept safe and secure in cold storage vaults which are offline.
So far, they have acquired almost 3 million users across Europe and their popularity is growing each and every day.