Fintech startup Revolut has launched a crypto debit card. The card is only available to premium customers at the moment.
The card sports a cool, brushed metallic look, has a Revolut logo in one corner and the name of the card owner in another corner.
The Revolut Metal will run you about £12.99 per month or £120 annually. It is more expensive when compared to the Revolut Premium card that costs £6.99 monthly or £70 annually.
It comes with added perks that make it worthwhile the subscription. Up front, it allows holders up to 1% cash back in on transactions outside Europe and 0.1% on transactions completed in Europe.
What’s more, users can withdraw the cashback balance in either fiat (USD, EUR, CAD, etc) or different cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.
Other than that, Revolut Metal card customers get a higher ATM withdrawal limit. They can withdraw amounts up to €600/£600, all without paying any fee. In comparison, premium card users are allowed up to €400/£400 free withdrawal.
Other perks include free overseas medical insurance, delayed baggage and flight insurance, free exclusive concierge service, disposable virtual cards, and 24/7 customer support.
Revolut is a U.K based startup that launched in 2015. The founders of this fast-rising company are Vlad Yatsenko, the Chief Technical Officer, and Nikolay Storonsky, who is the current Chief executive officer.
The service enables customers to transact in up to 29 different currencies, including a number of cryptocurrencies.
As a result, the company’s services have become very popular with people who travel around the world and the release of the metal card is set to increase its demand.
CEO Nikolay Storonsky said that the launch of their metal card marks an important step in their efforts to generate additional revenue.
“[It is an important step] <…> as we prepare to launch a commission-free trading platform and expand the business into North America and Asia later this year.”
You can transaction in five major cryptocurrencies in Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and Bitcoin Cash (BCH). Customers also have the freedom to undertake an in-app exchange of up to 25 fiat currencies.
The Metal card will offer users free unlimited foreign exchange volumes. A holder of the new card will be able to spend, transfer or exchange unlimited amounts of money from anywhere.
They will also enjoy this service at the existing banking rates, all without fees.
The new offering from Revolut has even attracted MasterCard Ireland and the UK.
According to Darren Deal, VP of Prepaid Cards at the global giant, partnering the startup was as easy as what they are offering is compelling.
The rise of Revolut is a great development for cryptocurrency users who want to use their digital assets via debit card. It complements the efforts of companies like MinexSystems and Beldex who have rolled out crypto debit cards.
Even so, development in the sector is still slow following Visa’s decision to cancel a partnership with Wave Crest, a payment processor that sought to launch cryptocurrency debit cards for TenX and CryptoPay.