The launch of brand new high-end Metal Card of Revolut allows one to earn the cash back of 1% outside of Europe & 0.1% in Europe in any of available 25 fiat currencies or 5 cryptos viz. Bitcoin (BTC), Bitcoin Cash (BCH), XRP, Ethereum (ETH), and Litecoin (LTC).
A high-end shiny card that gives cash back in crypto
Now, Revolut users get to enjoy its most exclusive card as the European fintech launches Revolut Metal that offers the cash back in cryptocurrencies. For crypto enthusiasts, this is the perfect opportunity to make a real-world purchase and earn in return.
A banking alternative, Revolut offers all services of a regular bank through its app. Apart from supporting a number of fiat currencies, Revolut also supports 5 cryptocurrencies viz. Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum (LTC) and XRP.
The cashback offered is paid in any of these 5 cryptos and 25 fiat currencies supported by Revolut. When it comes to cash back in crypto, it is available on card purchases, its premium features, travel insurance, personal concierge and on the global ATM withdrawals per month of more than £600 ($771.3) as reported by Forbes.
This special metal bank card will cost £12.99 ($16.69) per month or £120 ($154.2) for the year. As for the cashback, it starts at 0.1% for card transactions made in Europe. However, as for payments made outside Europe, the cash back in either crypto or fiat is 1 percent.
With about 2.5 million users across Europe, it will further expose these five cryptocurrencies to the population. Reportedly, in December, last year, Revolut became the first digital banking startup to make profits, especially because of its £6.99-a-month Premium tier.
Revolut’s big plans for the future
Nikolay Storonsky, the CEO of Revolut stated on its launch,
“We are absolutely convinced that Revolut Metal will be the exclusive card of the future, and an absolute must for travellers worldwide.”
Revolut is working hard on adding more feathers in its cap as apart from personal loans and insurance, it is planning to soon launch commission-free shared trading.
It has already raised about $250 million from investors, and the launch according to Stronsky will further boost its investment opportunities as he shared,
“The launch of Revolut Metal is also an important step towards the company generating additional revenue, especially as we prepare to launch a commission-free trading platform and expand the business into North America and Asia later this year.”
The company already offers crypto trading and allows the purchase of cryptocurrencies with “No deposit fees. No subscription fees. No exit fees. We only charge a simple, low-cost 1.5% markup on the average exchange price” as per its website.
According to the last funding round of Revolut, its business is valued at $1.7 billion which is a significant increase from its previous round six months back that valued it at $30 million. The company is hard at work to rake in more business and profit by introducing exclusive Metal card and cash back in cryptos.
Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO’s in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com