Revolut and MetaMask Team Up: What This Could Mean for Crypto Purchases

Published March 7, 2024 12:12 PM

By Teuta Franjkovic

Edited by Peter Henn

Revolut partnered Metamask to enable direct crypto purchases. | Credit: Revolut

Key Takeaways

Revolut users can now buy crypto directly within the MetaMask app, simplifying the process.
Partnership reflects trend of financial institutions embracing crypto, making it more accessible.
Revenue increase in 2021, loss in 2022 due to market fluctuation, plans for an “advanced trader” product.

Revolut, a digital banking platform, has formed a partnership with MetaMask, a cryptocurrency wallet service, to enhance the accessibility of cryptocurrencies for its extensive user community.

With the introduction of Revolut Ramp , users can buy cryptocurrencies directly through the MetaMask application or its browser extension.

Revolut and Metamask Integration Streamlines Crypto Management and Acquisition

Lorenzo Santos, Senior Product Manager at Consensys, the company that developed MetaMask, stated that the partnership enhances user autonomy over their cryptocurrency in a user-friendly way.

He said :

“By teaming up with Revolut, we’re making crypto more approachable and less complicated.This partnership is really about giving our customers what they want — more control over their crypto, in a straightforward way, using platforms they already know and trust. It also plays a crucial role in fostering broader crypto adoption, opening up the world of crypto to more people.”

?️ Crypto News

The global neobank launched Revolut Ramp, allowing users to purchase cryptocurrencies directly from within the MetaMask app or browser extension.https://t.co/D3ThPHZ6uL

— CoinMarketCap (@CoinMarketCap) March 7, 2024

MetaMask, with its user base exceeding 30 million, presents a considerable opportunity for Revolut’s cryptocurrency services. This decision by Revolut is part of a larger wave of financial institutions adopting cryptocurrency. Prominent fintech firms such as Robinhood , PayPal, and Venmo have recently broadened their cryptocurrency services.

Simultaneously, established financial giants like BlackRock, Fidelity, and VanEck have introduced the inaugural spot Bitcoin exchange-traded funds (ETFs) in the US. This marks a significant step towards integrating cryptocurrencies into traditional financial portfolios.

Enhancing Crypto Accessibility and Reports Financial Performance

Revolut Ramp enables users to buy up to 20 different cryptocurrencies, such as Ethereum (ETH).

Since launching its cryptocurrency trading services in Europe in 2017, Revolut experienced a substantial increase in revenue. This was especially true during the 2021 bull market , when it marked its first profitable year, making $769 million.

One of the less talked about part of Revolut's business is subscriptions. It launched paid plans in 2017, well before its peers, by slicing its large product suite into tiers and throwing in free metal cards in the highest tier. Today 1/3rd of its revenue comes from subscriptions pic.twitter.com/WiSBTfbqNd

— Rohit Kaul (@SeekingN0rth) August 18, 2022

Despite this success, the company encountered difficulties in 2022 due to the bear market , which led to a reported financial loss.

Revolut to Launch Crypto Product for Advanced Traders

In a recent announcement, Revolut revealed plans to unveil a cryptocurrency product designed for “advanced traders”.

So @RevolutApp doesn’t have a U.K. banking license and isn’t covered by the standard £85k FSCS guarantee scheme.

“The Telegraph revealed in May that the Bank of England was considering rejecting Revolut's banking licence application. Threadneedle Street told Revolut that it…

— Robin Redmile-Gordon (@WhatNowDoc) March 5, 2024

Despite offering fundamental crypto services to a vast portion of its 40 million clients, the company temporarily halted crypto transactions for business customers in the UK last December.

The suspension was a response to new regulations from the Financial Conduct Authority (FCA) aimed at crypto promotions.

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About the Author

Teuta Franjkovic

Teuta is a seasoned writer and editor with more than 15 years of experience. She has expertise in covering macroeconomics and technology as well as the cryptocurrency and blockchain industries. She has worked for several publications as a journalist and editor, including Forbes, Bloomberg, CoinTelegraph, Coin Rivet, CoinSpeaker, VRWorld and Arcane Bear. Teuta began her professional career in 2005, working as a lifestyle writer at Cosmopolitan in Croatia. From there, she branched out to several other publications, covering mainly business and the economy. She then turned her attention to the world of cryptocurrency and blockchain, believing that crypto is among the most important inventions in the history of humanity. Her involvement in fintech began in 2014 and she has since lent her expertise in writing, editing and gathering information about the world of crypto, blockchain, NFTs and Web3. An all-round news hound, mentor, editor, and writer, Teuta enjoys teamwork and good communication. She holds a WSET2 diploma and has a thing for chablis, punkrock music and shoes. She also holds a double MA in Political science and Entrepreneurship.

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