Fintech company Revolut will transfer to users in July the ownership of the cryptos they buy, CoinDesk has reported. Until now, the company was the legal owner of the assets.
At the same time, Revolut has said its customers will not be able to transfer the cryptos to people who are not users of the company. As a result, customers will only be able to manage their cryptos within Revolut. According to the company, users will "have complete control" over cryptos, but "will not be able to carry out transactions" themselves.
In addition, Revolut will no longer allow its users to spend cryptos with their cards, which was one of the few options for using cryptos outside the Revolut ecosystem. Even though users could not pay for goods directly with cryptocurrencies, they were automatically converted into fiat by the bank.
Revolut claims these changes will allow it to expand its crypto-related services.
The service currently supports Bitcoin, Bitcoin Cash, XRP, Ethereum and Litecoin.
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