Revolut Bank will transfer ownership of cryptocurrencies to clients, but will not allow withdrawals
Fintech bank Revolut will transfer ownership of the cryptocurrency assets they purchase to users next month, writes CoinDesk. Previously, the bank itself was the official owner of digital assets..
The changes are made with one important caveat: “Users cannot transfer cryptocurrency to a person who is not a client of Revolut.” In other words, customers will continue to use cryptocurrency only within the service. According to the company itself, users will “have full control” over cryptocurrencies, but “will not be able to independently conduct transactions” with them.
In addition, Revolut will suspend the ability to spend cryptocurrencies from cards. It was one of the few options for using digital assets outside of the service. Although the old conditions did not imply the possibility of paying for goods directly with cryptocurrencies, users could convert them into traditional currency for further spending in their accounts..
Revolut claims these changes will allow the company to expand its cryptocurrency offerings.
Previously, Revolut reported on the growth of customer activity aimed at exchanging cryptocurrencies. The service allows you to dig and sell Bitcoins, Bitcoin Cash, XRP, Ethereum and Litecoin.
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