Revolut, which is a British fintech and banking firm, has decided to launch a new feature called “spend from crypto”. This feature helps convert the crypto balance of customers into fiat money.
That, in essence, will make it faster for Revolut cardholders to sell their crypto assets and channel the money to their credentials in real-time to pay for everyday purchases.
Customers can pay online for e-commerce and in-person purchases. The conversion transaction will be subjected to the current exchange rate and exchange fees are applicable to the user’s subscription plan.
Pay with crypto offers a feature of payback to its customers.
Revolut will give its customers a 1% cashback digital assets for purchases made with one of the nearly 100 supported tokens, which include Bitcoin, Dogecoin, and Ethereum.
The cashback will be given to the customers in the same currency that the transaction is in, so for instance, if somebody spends in Dogecoin, then the 1% cashback will also be given out in Dogecoin itself.
This new feature can be activated on any card, which would let the customers swap between the different currencies they spend in, which also includes digital assets.
The cashback promotional feature is at the moment only available to customers in the UK and the company has not revealed how long this promotion will run.
Revolut, in the month of August, has added another 22 currencies, which is taking the count on total to offer to over 40.
Crypto Cards Are Gaining Traction Recently
At the current moment, crypto cards have become quite popular because they help customers cash out their digital assets and spend them at multiple card-accepting merchants all across the world.
They are beneficial in helping resolve one of the major drawbacks of digital assets
It happens to be the inability to use these cards in day-to-day transactions in the same way traditional finance helps with the transactions.
Alongside the launch, Revolut has created a series of ‘Learn & Earn’ courses.
The motive behind designing these courses was to help customers enhance their knowledge of crypto and topics related to that specific subject.
These topics include blockchain, popular tokens, and protocols.
Revolut To Bring Crypto Into The Limelight
Emil Urmanshin, Revolut’s Crypto General Manager, has mentioned that,
This year, we have not only increased the number of cryptocurrencies available in the Revolut app to close to 100 tokens and launched Crypto Learn & Earn education courses enjoyed by millions of our customers.
Additionally, Revolut also stated that,
Now, we are making crypto even more mainstream by empowering people to use crypto-enabled cards to spend their tokens for everyday purchases.
This news comes after the announcement of Mastercard and the partnership with the world’s largest digital asset exchange to introduce digital currency payments in luxury stores.
In the previous month, Revolut was added to the Financial Conduct Authority’s asset register which gave it a right to offer digital asset services in the UK.