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Revolut, a digital banking business, is implementing a cryptocurrency spending function that will allow consumers to utilize their cryptocurrency balance to pay for regular transactions using their Revolut card.
According to a corporate notification, the service will be accessible beginning Nov. 1, and clients will be able to receive 1% cash back on all crypto balance spent for a short period.
Revolut’s new functionality comes after the U.K.-based company received the regulatory greenlight from the Financial Conduct Authority to offer crypto services in the nation after a protracted wait.
According to its website, the platform provides in-app trading of more than 30 digital currencies to its more than 20 million personal users.
In August, the online bank with 20 million customers worldwide, got approved by the Cyprus Securities and Exchange Commission (CYSEC) to offer Bitcoin and crypto services across the European Economic Area (EEA).