Revolut Finance App, a popular mobile banking application with nearly 15 million users has become the latest mobile finance app to offer Bitcoin withdrawals as per leaked emails accessed by Forbes. This bull season Bitcoin has seen one of its biggest adoptions drives with many mainstream payment processing giants such as PayPal, Venmo, and Square allowing Bitcoin and other crypto purchase and holding options with the app. However, most of these apps only allow for buying and holding of cryptocurrencies with no option for withdrawal, making Revolut ahead of the competitors in this aspect.
The official announcement was deleted soon after posting as a spokesperson from the firm claimed that the official blog was untimely and went public before the scheduled time. However, it is confirmed that the finance app would start offering Bitcoin withdrawals starting next Thursday and the option for other assets later. The finance app currently offers 22 cryptocurrency purchase options.
Bitcoin this bull season has managed to grab the attention of the mainstream financial giants as well as many former critics. PayPal which was part of Facebook’s digital asset project Libra association had claimed that they have no interest in offering Bitcoin-related services in early 2020, however soon went onto offer 4 crypto buying and selling an option. This year they also opened crypto payment services for US customers. Similarly, PayPal-owned Venmo also added crypto buying, selling, and holding options this year.
Would PayPal Follow the Lead of Revolut?
PayPal is attributed for paving the way for mainstream finance apps crypto adoption and the CEO of the firm had recently claimed that the crypto services have proven to be a poon for their business with an overwhelming response. However, the decision to only allow crypto trading and holding within the app hasn’t gone down well with many crypto enthusiasts.
Now that Revolut has added the option for withdrawals can Paypal and another service provider follow the suit? Well, that totally depends on the service provider, but given PayPal’s crypto enthusiasm and the public response, it won’t be a bad idea.