Will Revolut’s New Update Put An End To Crypto Traders’ Affinity For PayPal And Robinhood

Will Revolut’s New Update Put An End To Crypto Traders’ Affinity For PayPal And Robinhood
May 03
15:27 2021

It is confirmed, but not yet. Revolut, a UK-based banking and payment services provider is all set to add a new feature which is expected to drive away crypto customers from PayPal and Robinhood. 

According to a report from Forbes, Revolut made a post confirming that they would allow users who purchase bitcoins and other tokens through them to move the acquired tokens away from the platform, something which is restricted if you purchase crypto with PayPal or Robinhood.  

The Forbes report reveals that Revolut did publish a post confirming the update which said that users can make bitcoin withdrawals and that they will be adding more currencies to the withdrawal list. However, currently it stands deleted because an official from Revolut confirmed that it got published before the schedule because of an “error.” 

Experts say that with Revolut adding Bitcoin withdrawal, it may attract a significant majority of Robinhood and PaylPal users as the two most popular platforms don’t allow Bitcoin withdrawal. Critics have long been calling crypto purchased on PayPal and Robinhood to be vulnerable as it is not the actual buyer who owns the key. 

When you purchase cryptocurrency through PayPal or Robinhood or similar platforms, though it is you who buy them it is not technically your cryptocurrency. It is the bank/institution who owns the currency and you pay them to hold it for you. It is for this reason, Revolut can really offset the user base of platforms like Robinhood and PayPal. 

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George Kim

George Kim

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