London-based FinTech and neobank Revolut has announced a partnership with Web3 self-custodial wallet MetaMask, allowing customers to buy and hold crypto from the bank directly through their MetaMask wallet, using fiat balances or with debit and credit cards.
Payments will be processed via Revolut Ramp, a solution similar to MoonPay and Transak, which facilitates the transfer of cryptocurrencies to and from non-custodial wallets. Customers from the UK and European Economic Area can purchase more than 20 different tokens via the partnership, including ETH, USDC, USDT, SHIB, and 1INCH, with competitive fees promised.
“[MetaMask] ensures high success rates for transactions done within the Revolut ecosystem and low fees for all customers. We'll offer customers the possibility to buy more than 20 tokens with their fiat currency smoothly, securely, and without obstructions.” - Mazen Eljundi, Global Business Head of Crypto at Revolut.
Revolut users can skip additional verification checks when buying assets through MetaMask, whereas non-Revolut customers must complete an integrated KYC process. Once a cryptocurrency and amount to buy have been chosen, Revolut appears as a payment option under 'Debit or Credit'. It is unclear whether assets purchased using this method will be treated any differently from other tokens in the MetaMask wallet.
Revolut is known for being one of the most crypto-friendly banks, although the terms of its crypto-related services differ according to jurisdiction. Generally, Revolut allows its customers to buy, sell, exchange, and stake crypto assets through its app and spend them using their Revolut Card, but it does not offer cryptocurrency services in the U.S. The bank suspended its crypto services in the country last August amid ongoing regulatory uncertainty. It also temporarily halted cryptocurrency purchases on its business platform in the U.K. at the beginning of this year, due to new FCA regulations on crypto promotions.
Last Autumn, we observed MetaMask introduce a 'Sell' function, allowing users to quickly cash out their crypto for fiat currency. Starting last month, MetaMask users can also receive funds for selling crypto directly to a Visa card via Transak. In February MetaMask also partnered with popular trading platform Robinhood. The company’s partnerships have attracted more users, meaning more responsibility, so the wallet has recently introduced a security alert system, which warns users at transaction time whenever they interact with a known threat.
We expect to see an increasing number of this sort of partnership announced, as overall bullish sentiment in the market is attracting both individuals and institutional investors to the industry. The resulting inflow of funds and inexperienced users will require advanced infrastructure and software, offering a seamless trading experience.
