For years, Revolut's cryptocurrency service operated as a "walled garden," preventing users from transferring their digital assets off the platform. This limitation drew significant criticism from the crypto community, who emphasized the importance of true ownership through the mantra: "Not your keys, not your crypto."
The UK-based neobank has now taken a major step toward aligning with this core crypto ethos. Revolut has initiated a beta launch that, for the first time, allows a specific segment of its UK user base to withdraw Bitcoin to personal external wallets. This move marks a pivotal shift in the company's approach to digital asset ownership.
What Revolut’s New Withdrawal Feature Offers
The initial phase of this rollout is a beta release, exclusively available to Revolut’s UK customers subscribed to its premium Metal plan, which costs £12.99 per month. This tier includes an estimated 40,000 crypto users. The beta period is designed to last a minimum of 45 days, allowing Revolut to test system stability and security protocols.
During this testing phase, participants face specific limits on their withdrawal capabilities:
- A daily withdrawal cap of £500 (approximately $700).
- A monthly withdrawal cap of £1,000 (approximately $1,400).
- A restriction of transfers to only three different external wallet addresses.
Following the successful completion of the beta, Revolut plans a phased rollout. This next stage will expand these limits and extend the withdrawal functionality to its entire UK customer base. Subsequent expansions are planned for other markets, including Europe and the United States.
The Significance of Self-Custody in Crypto
The ability to withdraw cryptocurrency is a fundamental feature for enthusiasts and serious investors. Platforms like Revolut, Robinhood, and PayPal have historically provided custodial services, meaning they hold the private keys to users' crypto on their behalf. While convenient for beginners, this model contradicts the decentralized principle of self-sovereignty that Bitcoin was founded upon.
Allowing withdrawals empowers users by granting them true ownership and control. This enables them to:
- Transfer assets to more secure cold storage solutions, like hardware wallets.
- Move funds to other exchanges that offer a wider variety of altcoins for trading.
- Use their crypto in decentralized finance (DeFi) applications, for non-fungible token (NFT) purchases, or simply to hold them in a private wallet.
As Revolut's Head of Crypto, Ed Cooper, noted, enabling withdrawals was "something we always wanted to do because it is more aligned with the crypto ethos." The delay was attributed to navigating complex regulatory licenses and ensuring compliance with various partners.
Future Plans for Supported Cryptocurrencies
Bitcoin is just the beginning. Revolut has confirmed that following the stable rollout of Bitcoin withdrawals, it plans to "probably tackle" Ether (ETH) next. After Ethereum, the focus will shift to other ERC-20 tokens and XRP.
Revolut’s platform currently supports 21 different tokens, including recent additions like Cardano (ADA), Uniswap (UNI), and Filecoin (FIL). The long-term goal is to eventually enable withdrawals for all supported assets, though this process is expected to take considerable time due to technical and regulatory complexities for each individual cryptocurrency.
For those looking to move their assets, understanding the mechanics of secure transfers is crucial. You can explore more strategies for managing and securing your cryptocurrency holdings effectively.
Frequently Asked Questions
Why was Revolut criticized for not allowing withdrawals?
Revolut was criticized because preventing withdrawals goes against the core principle of cryptocurrency: self-custody. By not allowing users to move their crypto, Revolut retained full control of the assets, meaning users did not truly "own" their Bitcoin and could not use it outside the Revolut ecosystem, making them vulnerable to platform-specific issues.
Who is currently eligible to withdraw Bitcoin from Revolut?
As of the initial beta launch, only users in the United Kingdom who are subscribed to Revolut's premium Metal plan (£12.99/month) are eligible to participate in the Bitcoin withdrawal feature. The company plans to extend this feature to all UK users and then to other regions after the successful completion of the beta test.
What are the limits for withdrawing Bitcoin during the beta?
Beta participants face three main limits: a daily withdrawal cap of £500, a monthly cap of £1,000, and a restriction of only being able to whitelist three external wallet addresses for transfers.
Which other cryptocurrencies will support withdrawals after Bitcoin?
Revolut has indicated that Ether (ETH) will likely be the next cryptocurrency to support withdrawals. This will be followed by other ERC-20 tokens and XRP. The company's ultimate goal is to enable withdrawals for all tokens it supports.
Is my cryptocurrency safe on Revolut?
Revolut uses institutional-grade custody partner Fireblocks to secure its crypto assets. While this provides a high level of security, a custodial service always carries an inherent risk compared to self-custody. Allowing withdrawals mitigates this by letting users move assets to a wallet where they control the private keys.
How does Revolut's move compare to other platforms like Robinhood?
Revolut is following a similar path to Robinhood, which also began allowing crypto withdrawals after initial criticism. Both neobanks are moving from a restrictive, custodial model toward a more open system that grants users greater control over their digital assets, responding directly to strong customer demand.