Revolut Enables Direct Crypto Purchases via MetaMask for UK and EEA Users
Summary:
Revolut, a London-based fintech company, has announced a new feature enabling users in the UK and the EEA to buy cryptocurrencies directly via MetaMask. Users can use their fiat currency or debit and credit cards to purchase more than 20 different tokens. This initiative might be a response to recent regulatory challenges that forced Revolut to modify its crypto services. The integration also includes a feature tied to KYC checks that would allow Revolut app users adding funds to MetaMask to skip verification processes. Recent additions to MetaMask include direct wallet-to-Visa debit card transfers.
Revolut, a fintech firm based in London, has revealed a new feature that allows users in the United Kingdom and the European Economic Area (EEA) to conduct direct cryptocurrency transactions via MetaMask. The announcement on March 6 stated that Revolut account holders can now use their fiat currency balance or their debit and credit cards to directly acquire new tokens into their MetaMask wallets. It's worth noting that this fintech platform, supporting 18 types of fiat currencies, has over 40 million active users. The integration supports the purchase of more than 20 different tokens, like Ether (ETH), USD Coin (USDC), Tether (USDT), and Shiba Inu (SHIB), to name a few. This step might also be seen as a countermeasure to recent regulatory hurdles, as Revolut had recently modified some of its crypto-related services. In 2023, the company halted all crypto services for users situated in the U.S. Later, in January, UK customers also faced a suspension of crypto purchases in line with new Financial Conduct Authority (FCA) regulations. Another functionality introduced with this integration relates to Know Your Customer (KYC) checks. Revolut app users depositing funds into MetaMask can bypass verification checks, as the fintech falls back on existing verification. The KYC process usually requires collecting and validating personal information. Lorenzo Santos, senior product manager at Consensys, MetaMask's parent company, stated that this partnership offers users increased control over their crypto assets and contributes to wider crypto usage by introducing more people to the crypto world. MetaMask enables users to purchase digital currencies directly through their wallets using various modes of payment, including bank transfers, credit and debit cards, and digital wallets such as Apple Pay, Google Pay, and PayPal. Noteworthy recent MetaMask integrations consist of the ability to transfer from its crypto wallet to a Visa debit card, thus making the funds usable at over 130 million merchant outlets across the globe.
Published At
3/6/2024 9:54:09 PM
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