Crypto News- Revolut Embraces Crypto: Revolut is taking a bold step into the world of crypto with its newest collaboration alongside MetaMask, aiming to democratize access to digital assets.
Unveiling a groundbreaking feature named Revolut Ramp, the challenger bank is set to empower its vast user base of 40 million to seamlessly purchase cryptocurrencies and securely deposit them into their MetaMask wallets.
In a statement resonating with the ethos of empowering users, Lorenzo Santos, Senior Product Manager at Consensys, the force behind MetaMask, expressed the essence of the partnership: “This collaboration is all about delivering what our users desire most – enhanced control over their crypto assets, presented in a user-friendly manner. Moreover, it serves as a pivotal catalyst in driving widespread adoption of crypto, thereby opening doors to a broader audience.”
Revolut Embraces Crypto: MetaMask Collaboration Signals Fintech’s Crypto Integration
With MetaMask boasting a staggering 30 million users, the synergy between the two entities promises to amplify the reach and impact of their offerings.
The launch of Revolut Ramp comes at a time when traditional financial institutions are increasingly immersing themselves in the crypto sphere. Notably, Wall Street titans such as BlackRock and Fidelity have spearheaded the surge in spot Bitcoin exchange-traded funds, a phenomenon that contributed to Bitcoin’s recent record-breaking performance.
However, it’s not just the giants of finance making waves in crypto. Platforms like Robinhood, PayPal, and Venmo have also been expanding their crypto services, signaling a broader industry trend.
Revolut Ramp, seamlessly integrated into MetaMask’s app, browser extension, and Portfolio platform, offers users access to a diverse array of up to 20 cryptocurrencies, including Ethereum, USDC, and Shiba Inu.
Designed to streamline the purchasing process, Ramp leverages existing KYC (Know Your Customer) processes within the Revolut ecosystem, eliminating the need for additional verification steps for existing users. New customers, however, will undergo the standard KYC procedures synonymous with Revolut’s onboarding process.
As for fees, a nominal charge will be applied for crypto purchases via Revolut Ramp on MetaMask, with transparent disclosure prior to each transaction, in line with the wallet app’s standard practices.
While exact fee structures remain unspecified, Revolut’s foray into crypto has been a strategic move dating back to its European launch in 2017. Crypto trading played a significant role in the company’s profitability during the bullish market of 2021, as CEO Nikolay Storonsky revealed.
Despite facing headwinds in 2022, including financial losses and industry controversies, Storonsky remains steadfast in Revolut’s commitment to crypto. As he emphasized in a 2022 interview, the company is doubling down on its crypto offerings, undeterred by challenges and resolute in its pursuit of innovation.
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