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London-based fintech Revolut announced a new integration that will enable its customers residing in the United Kingdom and the European Economic Area (EEA) to purchase cryptocurrency directly through MetaMask. According to the announcement made on March 6th, Revolut customers will be able to use their fiat currency balances as well as bank and credit cards to buy new crypto assets directly into their MetaMask wallets.
The Revolut and MetaMask Partnership
The announcement made on March 6th reports that over 40 million users are utilizing the fintech, which supports 18 fiat currencies. As part of the integration, more than 20 different crypto assets can be purchased, including Ethereum, USD Coin, Tether, and Shiba Inu.
Revolut may have made this move as a response to recent regulatory challenges, as it had to review some of its crypto-based services. In August 2023, the neobank was forced to suspend all crypto services for its US customers. A few months later, in January, crypto purchases were suspended for its UK customers following new rules from the Financial Conduct Authority (FCA).
Noteworthy Details of the Integration
One of the new features of the integration is that it is contingent upon Know Your Customer (KYC) checks. Users adding money to MetaMask through the Revolut app will skip verification checks since the fintech relies on existing verification. KYC processes typically involve the collection and verification of personal information. The team stated in their announcement:
“This partnership is really about giving our users what they want by allowing them to have more control over their cryptos in a simple way, using platforms they already know and trust. Additionally, Lorenzo Santos, the senior product manager of MetaMask’s parent company Consensys, plays a very important role in opening up the crypto world to more people and encouraging broader crypto adoption.”
MetaMask allows users to buy crypto directly from their wallets using various payment methods, including credit and bank cards, bank transfers, and crypto wallets such as Apple Pay, Google Pay, and PayPal. Among the recent significant integrations with MetaMask is the ability to withdraw funds to a Visa bank card that can be used by over 130 million investors worldwide.
