Revolut introduces new crypto-enabled tokens and debit cards

As the new feature, crypto-enabled cards, is formally introduced today in the first two markets, the UK and Switzerland, customers will be able to use all of them for daily card purchases and receive 1% cashback through the Revolut app.

Considering that 64% of Revolut users are new to crypto trading, Learn & Earn has solidified its role in translating crypto jargon into more understandable information for a wider audience. The new Learn & Earn courses from Revolut have been designed to assist users increase their understanding of cryptocurrencies and related topics, such as blockchains and the most popular tokens and protocols.

The new course is offered to Revolut customers in the United Kingdom and the European Economic Area on the popular decentralized aggregator 1inch, allowing them to earn up to £10 (or 10 EUR) in 1INCH and DOT tokens by completing short and basic courses and passing the quiz. This new 1inch lesson is in addition to the "Crypto Basics" and "Polkadot" courses that millions of Revolut members have already completed.

The reward a customer can receive for completing a lesson will be displayed in the Revolut app before beginning each lesson, denominated in the user's local currency (such as GBP or EUR), but the reward will be in a cryptocurrency token and added to the user's Revolut crypto balance only after completing the quiz (for example: "EUR 5 of 1INCH tokens"), only after completing the quiz.

Learn & Earn primarily attracts those between the ages of 18 and 34, and roughly two-thirds of the total number of crypto enthusiasts who completed the courses and earned prizes fall into these age groupings.

Revolut intends to introduce more courses to Learn & Earn before the end of the year, as well as increase user access to new tools and technology, so they can better manage their finances.

Also today, albeit only in the United Kingdom and Switzerland, Revolut has added a cryptocurrency spending mode to its debit cards. The new capability can be activated on any existing card, allowing customers to swap between fiat and digital currencies. Thus, the Revolut retail application may quickly convert any card into a "crypto card." The innovation is a direct response to the increasing demand from crypto aficionados, who not only hold or sell their tokens but also want to use them for ordinary card purchases.

During the promotional period, crypto-enabled cards offer 1% cashback on all purchases, both online and offline. The cashback is paid in the same currency as the purchase, thus if the purchase is made in Bitcoin, the 1% cashback is likewise paid in Bitcoin. During the promotion period, customers will be able to combine both their current plan cashback and the crypto-enabled cards rewards.

How can a standard card become a "crypto card"?

Customers who intend to spend their cryptocurrency using the Revolut card must navigate to the Cards area of the retail app and select a physical or virtual card. The user must then open the card's settings and change the currency from fiat cash to one of the over 100 tokens they possess in the app. Once the crypto pocket is connected, a crypto-enabled card will process payments using tokens that are instantly converted. Customers can also obtain a virtual or physical card that can be used exclusively for bitcoin payments.

How do I purchase and sell cryptocurrencies with Revolut?

Revolut's financial superapp offers a vast array of financial solutions, with cryptocurrency becoming an increasingly popular option. In August, the financial superapp reported that its portfolio of cryptocurrencies had surpassed 80 tokens. With these 12 additional additions, Revolut's customers will have access to nine times as many cryptocurrencies as they did at the start of 2021.

Revolut offers multiple options to acquire and sell cryptocurrencies. Customers can set up a stop or limit order to eliminate the need to time the market, or they can use the Recurring Buy option to smooth out volatility. Additionally, customers can round up their extra change in a cryptocurrency of their choosing.