Revolut released a debit card dubbed Revolut Metal, which returns funds from purchases in cryptocurrencies. The card supports more than 25 fiat currencies, as well as five digital ones, including Bitcoin (Bitcoin: BITCOIN), Ethereum (BITFINEX: ETH/USD), Litecoin (BITFINEX: LTC/USD.BITFINEX), Ripple (BITFINEX: XRP/USD) and Bitcoin Cash (EXANTE: BCH.EXANTE).
Users can choose in which currency to receive compensation up to 1% - in fiat or crypto. For booking events or transportation tickets, the cashback function returns 0.1% of the cost of purchases.
According to Revolut, all cryptocurrencies are on cold offline wallets that cannot be hacked. The card service will cost $15 monthly or $140 annually. The tariff also includes free insurance for traveling abroad, as well as Premium services - free international transfers, interest-free withdrawal of money from the card and unlimited exchange of currencies.
In addition to issuing new cards, the Revolut startup plans to launch asset management services, as well as integration into various services, including Slack, Xero, and Quickbooks. In June, the company announced the launch of a trading platform without brokerage commissions. Clients will be able to buy and sell shares of companies such as Apple (NASDAQ: AAPL) and Amazon (NASDAQ: AMZN) in one click.
In addition, the company will soon launch a new service that will allow parents to give a card to children, setting limits: for example, a child will not be able to withdraw cash from an ATM or buy a drink. In this case, parents will be able to learn about all transactions on the card.
WHY IS IT IMPORTANT?
- The new product will be available to about 2.5 million customers throughout Europe.
- The application managed to attract over $250 million from investors by introducing cryptographic services. Its users can now purchase virtual currencies without making deposits, without subscription fees and various other fees.