British fintech firm Revolut has teamed up with the self-custodial wallet MetaMask to introduce a new feature that enables users to easily fund their MetaMask wallets using their Revolut accounts.
With Revolut Ramp, users in the U.K. and the European Economic Area (EEA) will have the convenience of topping up their MetaMask wallets directly from their Revolut accounts. This should simplify the process of adding cryptocurrency to self-custody wallets. Users will also have the flexibility to use their fiat currency balance in their Revolut accounts or opt to pay using Visa or Mastercard cards, as stated in the press release.
Lorenzo Santos, senior product manager at Consensys, said the partnership is driven by the desire to cater to users’ preferences, providing them with more control over their crypto assets through familiar and trusted platforms. Santos highlighted that this collaboration plays a vital role in advancing crypto adoption, making the crypto world more accessible to a broader audience.
“This service 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,” added Mazen Eljundi, global business head of crypto at Revolut.
In February, Revolut announced plans to introduce a cryptocurrency feature targeting “advanced traders.”. Currently, the super-app offers basic crypto services to a substantial portion of its 40 million customers.
However, in December, the company suspended crypto services for its business customers in the U.K., citing new regulations imposed by the Financial Conduct Authority (FCA) concerning crypto promotions.
Developed by ConsenSys, MetaMask claims to have nearly 30 million monthly active users. In an effort to diversify payment options for its users, the self-custodial wallet already allows its US users to buy cryptocurrencies directly from their bank accounts with no settlement delays.
ConsenSys is an Ethereum blockchain firm established in 2014 to develop products that facilitate the building of Web3 applications. In 2022, the company doubled its valuation to over $7 billion. Earlier in December, MetaMask integrated PayPal’s payment system and started allowing US users to purchase crypto directly from within the app.
