Revolut, the popular digital banking platform, has partnered with MetaMask, a leading crypto wallet provider, to make cryptocurrencies more accessible to its vast user base.
Through a new service called Revolut Ramp, users can now purchase cryptocurrencies directly from within the MetaMask app or browser extension.
This integration eliminates the need for users to transfer funds between multiple platforms, simplifying the process of acquiring and managing crypto assets.
Lorenzo Santos, senior product manager at Consensys, the company behind MetaMask, said:
This collaboration empowers our users with greater control over their crypto, in a user-friendly manner. It also plays a crucial role in fostering broader crypto adoption by opening up this world to a wider audience.
MetaMask boasts over 30 million users, indicating a significant potential market for Revolut's crypto services.
Revolut's move aligns with a growing trend of institutions embracing cryptocurrencies. Major fintech companies like Robinhood, PayPal, and Venmo have all expanded their crypto offerings in recent months, while traditional financial institutions like BlackRock, Fidelity, and VanEck have recently launched the first spot Bitcoin exchange-traded funds (ETFs) in the U.S.
Revolut Ramp is accessible through the MetaMask app, browser extension, and Portfolio platform. Users can purchase up to 20 cryptocurrencies, including Ethereum.
Revolut first launched its crypto trading services in Europe in 2017 and saw significant revenue growth during the 2021 bull run, generating $769 million in 2021. This allowed the company to turn its first full year of profit. However, the bear market caused the company to face challenges in 2022, reporting a loss in its financial results.