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

Last Updated March 7, 2024 12:12 PM
Teuta Franjkovic
Last Updated March 7, 2024 12:12 PM
By Teuta Franjkovic
Verified by Peter Henn

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.”

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.

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”.

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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