London banking startup Revolut rolls out crypto cashback card
Alternative banking startup Revolut has launched a new debit card, which enables customers to earn cashback in cryptocurrency on their card transactions.
The Metal card, which comes in a distinctive black metal style, essentially pays users to spend their money, paying a percentage of each transaction back in cryptocurrency.
Revolut provides a range of banking services through its app, as well as foreign exchange and trading services. With support for over a dozen global fiat currencies, and cryptocurrencies like Bitcoin Cash (BCH), the debit card is aimed at those looking for an alternative to traditional banking and payments.
? How does instant cashback, a personal concierge and a £600 ATM limit sound? Premium customers can now upgrade to Revolut Metal. Hurry though, we only have 10K cards in stock! https://t.co/uExfx7gfgl
— Revolut (@RevolutApp) August 22, 2018
According to Revolut, the premium, stylish design makes the Metal card stand out from other debit card products. The card is fully contactless, “crafted from a single sheet of reinforced steel using a diamond drill bit.”
The card pays 1% cashback on transactions outside of Europe, and 0.1% cashback on transactions within Europe, which customers can choose to receive in Bitcoin or in fiat, depending on their preference.
A charge of $140 a year, or $15 a month means that it would take $4,600 worth of spending outside of Europe per year to break even on the cost of the debit card, and to start to profit from the cashback offer.
In a statement to The Next Web, Revolut says its Metal card is aimed at a tech-savvy audience, and in particular, those interested in cryptocurrencies: “We see Revolut Metal as an essential lifestyle product for people of all ages and incomes, ranging from digital nomads to everyday working professionals. We are absolutely convinced that Revolut Metal will be the exclusive card of the future, and an absolute must for travellers worldwide.”
Revolut was founded in 2015, with the vision of a “world beyond banking.” Their banking app is backed by the likes of Balderton Capital and Seedcamp, and has served over 2 million customers over 150 million transactions.
Early this year, the European company raised a Series C investment round of $250 million, putting the company’s total valuation at $1.7 billion. This, according to the company, makes Revolut “one of the fastest companies in Europe to reach unicorn status.”
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as SegWitCoin BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins. Altcoins, which value privacy, anonymity, and distance from government intervention, are referenced as dark coins.
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