Revolut Experiencing Issues With Its Crypto Transactions
Even though Revolut, a digital banking platform, recently added cryptocurrency support, it appears that some traders are unable to transact with Bitcoin or other supported currencies directly. This issue has yet to be explained by the company.
A lot of customers are quite satisfied with the services provided by Revolut. The banking alternative is very open to accepting Bitcoin and other digital coins. Considering the sheer amount of banks, institutions, and governments that are scrutinizing Bitcoin, this attitude is very welcomed. But unfortunately, the service is not perfect, working a bit wonky at times, with inconsistent services being presented at the moment.
What Is Happening with Revolut?
Currently, Revolut users can trade in popular cryptocurrencies directly on the app, making it very convenient to use. Even inexperienced users could have used this app for crypto transactions. Users can also purchase cryptos with fiat currency from an exchange. This is also a very nice feature, but it apparently only to work in one direction.
The biggest issue with the Revolut platform would be withdrawing cryptocurrency. Numerous complaints have appeared on social media addressing the problem. It appears that users are unable to send cryptocurrency to Revolut for the time being. Even though the service still exists, very little transactions are rejected. The company cites “security reasons” and no further details have been provided as of right now.
This problem could not be found at all exchanges either. While Coinbase seems to work just fine, sending funds from Kraken to Revolut does not work all that well. This can be just a temporary issue that the platform is experiencing, although it may not be just a problem on the company’s part. Until an official explanation is given, the uneasiness of this situation will persist. All failed transfers have the funds sent back to the issuing account, but no real losses have occurred.