Bitcoin has soared this year, and the long-awaited institutional adoption has been reinforced through retail investors investing cash in all kinds of cryptocurrencies (some seem like bigger bets than others).
The value of bitcoin has soared as millions of potential bitcoin buyers have access to the PayPal, Robinhood, Square’s Cash and Revolut bitcoin markets.
Now, while PayPal and Robinhood continue to save you the movement of bitcoins purchased on their platforms, a leaked blog post revealed that the London-based Revolut banking app is preparing to allow some of its users to move their bitcoin assets out of their app.
In a blog post that was deleted shortly after its release on Thursday, but not before it was viewed through The Eagle-Eyed AltFi Hounds, Revolut announced that its top paid users will gain advantages next week from beta access to move their bitcoin off their platform.
“We’re launching next Thursday, unfortunately the blog has uploaded a little too soon,” said a Revolut spokesman, speaking by email. The blog post, downloaded “due to an error when making plans”, sported a URL that included “bitcoin”. withdrawals have landed “but now redirects to a 404 error page.
“We’re starting with Bitcoin, but we’ll add more tokens and updates in the near future,” the message says. Revolut users, who add in the United States, where the banking app was introduced in March 2020, can lately buy and sell 22 other cryptocurrencies, adding bitcoin, ethereum, Litecoin and Ripple XRP.
In the meantime, he reported that Revolut’s workers were informed of the pending update prior to the launch of the filtered blog post: control thanking Bitcoin for “achieving all our dreams. “
“A vital step for Revolut to announce,” Revolut said in a company-wide statement, according to the Financial Times. “Our public beta version for cryptographic withdrawals has now been introduced for all eligible users. “
Meanwhile, restrictions on PayPal and Robinhood accounts that prevent them from moving their bitcoins off platforms have continued to affect bitcoin and cryptocurrency enthusiasts, many of whom adopt the cryptographic mantra: “their keys, their currencies,” warn that if you let a bank keep its cryptocurrency for you, it is vulnerable to loss or theft.
“Buying bitcoins in Robinhood doesn’t have bitcoins. Buying bitcoins through PayPal doesn’t own bitcoins,” Russell Okung, a professional NFL footballer and staunch advocate for bitcoin, said on Twitter this week.
The acquisition of bitcoin by PayPal and a handful of other cryptocurrencies, announced in October 2020, has used the existing upstream trfinish in the value of bitcoin and has pushed bitcoin well above its all-time high of around $20,000 consistent with bitcoin established at the end of 2017.
However, PayPal was promptly criticized for not allowing users to move the cryptocurrencies they bought off the platform.
Square, led by Bitcoin supporter Jack Dorsey, allowed bitcoin withdrawals through its Cash app in 2019, while making an investment, the Robinhood app announced its goal of doing so in the future.
I am a journalist with significant experience in the fields of technology, finance, economics and business around the world. As founding editor of Verdict. co. uk, I pointed out that