I’m new to the Revolut community and am impressed with the system as a whole, but was a little, if not massively disappointed with paying the Premium fee to activate the Cryptocurrency support.
The cryptocurrency support isn’t really a currency at all if you can’t spend it! It’s a trade. So, I believe it’s a bit misleading for you to say that the account supports Cryptocurrencies, when really, it doesn’t fully support it, as you can’t spend it in it’s native form, other than send it to other users.
So, here’s my thought! I appreciate the AML/KYC checks you must perform and the laws that stop you from receiving money from unknown sources (unlike in Switzerland?!). But, If you KYC/AML the customer and only allow them to fund the Crypto with Fiat only or from another verified Revolut user, surely you are satisfying all the current regulations, as long as you verify the customer before allowing them to buy it.
So, now that it’s in Bitcoin, or Ether or Litecoin, simply add the ability to Send it to somewhere else, i.e. Spend it! In a cafe, online, wherever! Maybe even to your own Hardware wallet for safe keeping! I don’t mind moving it off Revolut knowing I can’t move it back on, but at least I know the amount that I put on there, or a known Revolut customer has sent me, I can spend it as a currency, as it’s supposed to be, not just as a trade! I think it will certainly be one step in the right direction and then be real Cryptocurrency support.
Otherwise, I don’t see how you are comparing your costs to Coinbase, as if I buy with Coinbase, I can transfer my coins off, whilst with Revolut and you’ve correctly compared eToro, you can’t! So, really you should classify this as CFD trading within your account, not support for Cryptocurrencies!
I think if you are a previous customer of Crypto cards like Bitwala, Cryptopay, (i.e. WaveCrest issued cards), etc. This is NOT an alternative. Well, certainly isn’t at the moment, but if you even went half way to allow us to spend it as a currency, it would be a fantastic step in the right direction, to not just expose people to it, but submerge them in it, otherwise, we’re going in the wrong direction! Cryptocurrencies are not just trading items! Spend them, circulate them, joint the revolut…ion!!!
I hope this is considered a positive dig! I’m still liking what you’ve done, just think you’re marketing it a little wrong, I appreciate it says in the FAQs everything you need to know, but who dives that deep! You compared with Coinbase, so I thought awesome, cheapest way to top up my Bread wallet and move away from them, as they’ll be dropping GBP support soon.