British service Revolut introduced a new product: contactless debit card Revolut Metal, made of reinforced steel and is addressed to the premium segment, it allows to obtain cryptocurrency cashback.
“Instant cash back, Concierge services and a cash withdrawal limit at the ATM in the amount of £600 as it sounds? Premium customers can now change the map on Revolut Metal. Hurry, only 10 thousand cards!”, — appears on Twitter, the company.
Doing transactions outside Europe, users will receive cashback in the amount of 1%, which is available in both Fiat currency and bitcoin; in Europe cashback will be 0.1% of any transaction.
Map positioned startup as an indispensable attribute that emphasizes the lifestyle of its owner, and as additional services offers “all the best” that has a certain time was used by the owners of premium cards: reservation of tickets for concerts, sports events and transportation services, increased the cash withdrawal limit at the ATM and round the clock support.
“We are absolutely convinced that Revolut Metal will be an exclusive map of the future and an absolute must-have for travelers around the world,” — said representatives of the startup.
Note, using the prepaid debit cards Revolut users can receive, send and withdraw cash in different currencies at the real exchange rate. Service is essential for users who travel a lot or work with foreign clients. The app supports five cryptocurrencies: bitcoin, Ethereum, Litecoin, Ripple and Bitcoin Cash. It also provides option exchange 25 Fiat currencies and the ability to spend overseas funds 150 Fiat currencies without any commissions.
Using the card consumers can buy the cryptocurrency at an exchange rate with a margin of 1.5%. On the other hand, the service gives the client access to the private keys and at the moment does not support transfers of cryptocurrency wallets outside the platform. Instead, users can send each other coins in the app; the funds may convert to Fiat and withdraw from ATM or spend in stores, the cryptocurrency can also be stored in a cold storage company.
Given the fact that in Europe there are 2.5 million card users Revolut service with option crypto-cashback could be a new step towards the full development of the entire industry.
“The launch of Revolut Metal is also an important step to generate the company additional revenue, especially given that we are preparing to launch Commission-free trading platform and expand the business, going to markets in North America and Asia by the end of this year,” said CEO and founder Nick Storonsky (Nik Storonsky).
In turn, Vice-President of the Department of Mastercard prepaid cards in the UK and Ireland Darren DIL (Darren Deal) confirmed the conclusion of the partnership with the Revolut, noting that this map is a standing offer for all people travelling abroad.
Currently the service is available in Europe, however, the company plans to launch in the United States, Canada, Hong Kong, Singapore, Japan, Australia and New Zealand over the next few months.
It is worth noting the progress in the development of debit cards with crypto functions slowed significantly in January, when the Visa has terminated the partnership with the biggest Issuer of prepaid bitcoin cards, Wave Crest, leading to a sudden cessation of the six such services, for example, TenX and CryptoPay. At the same time, other companies such as MinexSystems and Beldex, since released its own debit card with crypto functions.
Recall that in late April Revolut announced the receipt of investments in the amount of $250 million, making him a “unicorn” startup with a market capitalization exceeding $1 billion.