London-based fintech Revolut has announced a new integration that will enable direct cryptocurrency purchases’ on MetaMask to customers in the United Kingdom and the European Economic Area (EEA).
According to a March 6 announcement, Revolut’s clients will be able to use their balance in fiat currency as well as debit and credit cards to purchase new tokens directly into their MetaMask wallets. Over 40 million users reportedly use the fintech, which supports 18 fiat currencies.
More than 20 different tokens can be purchased as part of the integration, including Ether (ETH), USD Coin (USDC), Tether (USDT), and Shiba Inu (SHIB), among others.
The move may also be a response to recent regulatory challenges, as Revolut recently had to review some of its crypto-based services. In August 2023, the neobank suspended all crypto services for U. S. users. A few months later, in January, it suspended crypto purchases for users in the U.K. following new rules from the Financial Conduct Authority (FCA).
One of the new features enabled by the integration is tied to Know Your Customer (KYC) checks. Users of the Revolut app adding funds to MetaMask will skip verification checks since the fintech relies on existing verification. KYC processes typically involve the collection and verification of personal information.
“This partnership is really about giving our users what they want — more control over their crypto, in a straightforward way, using platforms they already know and trust. It also plays a crucial role in fostering broader crypto adoption, opening up the world of crypto to more people,” said Lorenzo Santos, senior product manager at MetaMask’s parent company Consensys.
MetaMask allows users to buy cryptocurrencies directly within their wallets using various payment methods, including credit and debit cards, bank transfers, and digital wallets like Apple Pay, Google Pay, and PayPal.
Recent notable integrations with MetaMask include withdrawals from its crypto wallet to a Visa debit card that can be used at over 130 million merchant locations worldwide.