Revolut is strengthening its crypto offer to customers with an extended list of tokens. The Revolut crypto portfolio will add 12 new tokens – BLZ, BOND, FIDA, GMT, GODS, GST, LPT, MINA, RAD, RNDR, SUPER, UNFI – which brings the total number of cryptocurrencies available to buy and sell to nearly 100.
The Revolut app will allow customers to use all of them for everyday card purchases and benefit from the 1% cashback, as the new feature, crypto-enabled cards, is officially launched today in the first two markets the UK and Switzerland.
Learn & Earn
With 64% of users new to crypto trading on Revolut, Learn & Earn has consolidated its role in transforming technical crypto jargon into more accessible information for a broader audience. Revolut’s new Learn & Earn courses have been created to help customers improve their knowledge of cryptocurrencies and related topics, including blockchains, and the most popular tokens and protocols.
The new course is available to Revolut customers in the UK and the EEA on popular decentralised aggregator, 1inch, making it possible to earn up to £10 (or 10 EUR) in 1INCH and DOT tokens by taking short and simple courses and passing the quiz. This new 1inch course is in addition to the previous courses completed by millions of Revolut users already on “Crypto Basics”, and “Polkadot”.
The reward a customer can receive for completing a lesson will be shown in the Revolut app before starting each lesson, denominated in a user’s local currency (like GBP or EUR), but the reward will be in a cryptocurrency token and added to the user’s Revolut crypto balance (for example: “EUR 5 of 1INCH tokens”), only after completing the quiz.
Learn & Earn attracts mostly 18-34 y.o., and almost ⅔ of the total number of crypto fans that completed the courses and earned the rewards fall into these age categories.
Revolut plans to add more courses to Learn & Earn, by the end of the year, and to offer increasing access to consumers to better control their finances and give them safe access to new tools and technologies.
Also today, but exclusively in the UK and Switzerland, Revolut has enhanced its debit cards with a crypto spending mode. The new feature can be activated on any existing card allowing customers to switch between the currencies they spend from, including digital currencies. This way any card could be easily turned into a “crypto card” within the Revolut retail app. The novelty is a direct response to the growing demand from crypto enthusiasts, who not only hold or trade their tokens, but also wish to use their cryptocurrencies for everyday card purchases.
Crypto-enabled cards offer a 1% cashback for all purchases, both online and offline, during the promo period. The cashback is paid out in the same currency that the spend is in i.e. if the spend is in BTC the 1% cashback is also paid out in BTC. Customers will be able to combine both their current plan cashback along with the crypto-enabled cards cashback during the promo period.
How to make a regular card a “crypto card”?
Customers wishing to spend their crypto using the Revolut card have to open the Cards section in the retail app and pick one of existing cards, physical or virtual. Then they need to enter the card’s settings and switch the currency from fiat money to one of the close to 100 tokens they hold in the app. Once the crypto pocket is linked, a crypto-enabled card will process payments with instantly converted tokens. Customers can also order a separate card, virtual or physical, to use it only for crypto payments.
How to buy and sell cryptocurrencies in Revolut
Revolut offers a wide range of financial products through its financial superapp, and crypto is an increasingly popular feature. In August, the financial super app announced that its crypto portfolio reached 80+ tokens. With these 12 new additions, Revolut will increase the number of cryptocurrencies available to its customers by 9x times compared to the beginning of 2021.
There are several ways to buy and sell crypto on Revolut. Customers can set up a stop or limit order so they don’t have to time the market, or use the Recurring Buy feature to average out volatility. Customers can also roundup any spare change in a cryptocurrency of their choice.