By
Godfrey Benjamin
April 26th, 2024
With the collaboration, MetaMask has become the official launch partner of Revolut Ramp.
Revolut, an online banking services provider, has announced the launch of its new product, Revolut Ramp, which enables direct purchase of cryptocurrencies on MetaMask.
According to a blog post dated March 6, 2024, the company teamed up with MetaMask to integrate the product into its platform, making it easier for digital asset traders in the United Kingdom and the European Economic Area (EEA) to acquire their favorite crypto tokens.
Revolut Partners MetaMask
The move comes after Revolut halted its crypto services in the UK on January 3, 2024, for enterprise customers, citing the country’s new advertising law introduced by the UK Financial Conduct Authority (FCA). The rule requires all crypto service providers to educate investors about the risks associated with digital assets and include a cooling-off period for first-timers.
A few months after the service suspension, Revolut has partnered with MetaMask to roll out Revolut Ramp, making it easier for traders to add crypto to self-custody wallets.
“We are delighted to partner with a leader in the Web3 space, MetaMask. We will offer customers the possibility to buy more than 20 tokens with their fiat currency smoothly, securely, and without friction,” said Mazen Eljundi, Global Business Head of Crypto at Revolut.
With the collaboration, MetaMask has become the official launch partner of Revolut Ramp, adding to a selection of over 40 diverse payment methods available in 177 countries. This collaboration aims to enhance accessibility for purchasing cryptocurrencies, providing users with more options than ever before.
In the coming year, the online banking service provider plans to expand the offering by integrating with other leading Web3 wallet providers to reach more people.
Revolut Simplifies Crypto Access for Non-Users
The company said that users can use their fiat currency balance in their Revolut account or pay with Visa or Mastercard cards to acquire the digital assets such as Ethereum (Ether), Tether (USDT), and the USDC stablecoin. Other digital assets available include Shiba Inu (SHIB) and 1inch (1INCH).
The Revolut Ramp has a selection of up to 20 different cryptocurrencies in total and customers can purchase the available tokens on the platform at competitive fees through the mobile app or website. The move makes Revolut an appealing choice for those looking to diversify their crypto portfolios.
Non-Revolut users interested in accessing the new service are required to complete the anti-money laundering (AML) and Know-Your-Customer (KYC) protocols on the platform. Existing customers, on the other hand, can enjoy a streamlined process without additional verifications.
Revolut Reinforces Crypto Commitment
Revolut views the launch of the new product as part of its commitment to the world of crypto, “doubling down” on its dedication to servicing its customers. The company is determined to solidify its position as a key player in the emerging economy.
Last month, Revolut introduced its digital assets trading platform tailored for advanced traders. The new exchange promises customers lower transaction fees compared to trading directly on the Revolut app, with fees ranging from 0% to 0.09%. Additionally, the company said users can now trade using limit and market orders, enhancing the functionality of the platform.
