Question to all Crypto Specialists


#1

Where can I check if REV is really holding the Cryptos I was buying over them. Is the transfer into REV‘s pooled crypto wallet somewhere documented?
If not: Wouldn’t a documentation be a great step forward for more transparency?
Thanks!


#2

@AndreasK
Do you have any information? Thanks!


#3

There is none to give. They’re stored in cold wallets and are using something called “security through obscurity”. The cold wallets are stored somewhere secure.


#4

In theory they could publish each crypto total balance and the public addresses of the wallets to allow anyone to verify the balances on the relevant blockchain - but since you don’t have access to the private key for your balance it wouldn’t do you any good really. you have to trust revolut. If you don’t then your better route is to buy coin on an exchange and transfer into a wallet that you control. “not my keys not my coins” is the mantra for some.


#5

When buying crypto on revolut you’re not really buying crypto.

You’re buying a CFD (Contract for difference) which is essentially an agreement that the value of your holdings with Revolut will increase/decrease paired with the value of the asset (ie bitcoin/eth) that you are purchasing the CFD for.

It works the same way on platforms like eToro for example.

This has some advantages/disadvantages.

The main advantage being that you pay no transaction fees, don’t need to wait for confirmations on the blockchain etc. Its all instant. And this makes trading with smaller margins easier.

BUT, it also means that you can’t actually SPEND your crypto. You’re essentially just investing in the hope of a price increase.

if you would like to actually purchase crypto unfortunately Revolut at the moment isn’t the way to do it.
And if you’re wanting to purchase large sums, make sure you get a hardware wallet such as a Ledger.

(It would be awesome if Revolut added crypto send/recieve functionality though!)