From 27 July next, to the holders of crypto-currencies on the application Revolut become the owners ” legal “.
© Revolut
Last week, Revolut has unveiled a series of adjustments – more or less beneficial for his community. Today, the neo-british bank adds a layer with a new one, which should delight fans of crypto-currencies.
It is through an e-mail to all active members in the crypto-currency as it has announced that they will become the legal owners of these assets, virtual from 27 July next. On the other hand, in the” make card payments using the crypto-currencies “ will no longer be possible.
On the mobile application of Revolut, nothing will change. Legally, the fintech will not, however, the longer the legal owner of the crypto-currencies held by its users. For operations, it ” will act as designated agent, will hold your crypto-currencies and conduct transactions in your name “.
There are several outstanding issues
Until now, the community that is active in the crypto-currencies was quite reluctant to the offer of Revolut, including the fact that it is not possible to transfer e-currencies outside of the application.
Despite the fact that user becomes now the legal owner of its crypto-currencies, it is not explicitly said whether he will be able to transfer its assets to an external portfolio. It seems that Revolut will always retain the private key, which will prevent users to actually control their crypto-currencies. When asked about the social networks on the topic, Revolut proved elusive :
Hi there! Please contact us via the in-app chat and our agents will be able to walk you through the upcoming changes 😊 To do so, simply click on the Dashboard section of the app -> "?" bubble -> scroll down, click on "chat to us". Don't forget to type in "live agent"!
— Revolut (@RevolutApp) June 15, 2020
In reality, it would seem that this adjustment is, therefore, purely “legal” and that it does not change much for the users. The community did not fail to mock it on social networks, pointing out also the commissions deemed to be excessive on the transactions in crypto-currencies.
Holders of free accounts have to pay a 2.5% fee for the paying customers (Premium or Metal) are charged 1.5% commission on each transaction involving crypto-currencies. By way of comparison, the exchange platform for crypto-currencies british Bitstamp charges to a maximum of 0.5% per transaction – with a lower decreasing rate as a function of volumes.
Revolut, however, has not the same ambition that a Bitstamp since the neo-bank simply wants to offer the possibility to a larger number of people to have an ” exposure to price movements “. To do this, it has put in place as early as 2017, a space where its users can buy and sell Bitcoin, the Ripple, the Bitcoin Cash, the Litecoin, and Ethereum.
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