Clients of UK-based fintech firm Revolut are now receiving cashback in Doge, Bitcoin, Ethereum, and other cryptos with the launch of a new crypto feature.
The Revolut Pay with Crypto feature offers customers 1% back in crypto on purchases made with any of the nearly 100 supported tokens, including Dogecoin, Bitcoin, and Ethereum. Cashback is paid out in the same currency as spending, so if spending is in Dogecoin, the 1% cashback is also paid out in Dogecoin. The new feature can be activated on any existing card, allowing customers to switch between the currencies in which they spend money, including digital currencies.
Revolut has also created a series of “Learn & Earn” courses designed to help clients improve their knowledge of cryptocurrencies and related topics, including blockchains as well as the most popular tokens and protocols.
Emil Urmanshin, Revolut’s Crypto General Manager, said:
“This year we have not only increased the number of cryptocurrencies available in the Revolut app to close to 100 tokens and launched Crypto Learn & Earn education courses enjoyed by millions of our customers.
“Now, we are making crypto even more mainstream, by empowering people to use crypto-enabled cards to spend their tokens for everyday purchases.”
Revolut is the largest fintech company in the UK with a valuation of approximately $33 billion. It received an $800 million round of funding last July from the likes of Softbank Vision Fund 2 and Tiger Global.
Last month, the UK Financial Conduct Authority (FCA) allowed Revolut to offer cryptocurrency products. It is the only company allowed to offer cryptocurrency out of the 12 businesses that received provisional registration in March. In mid-August, Revolut received approval from the Cyprus Securities and Exchange Commission (CYSEC) to offer cryptocurrencies in the European Economic Area. Revolut has approximately 17 million EEA customers.
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