BTC has blown up in 2021, with many anticipated institutions adopting the cryptocurrency, with many coming from retail investors. The price of BTC has skyrocketed as millions of future BTC buyers were granted access to the cryptocurrency markets by Robinhood, Square’s Cash App, Revolut, and PayPal.
Presently, Robinhood and PayPal do not allow users to move their purchased Bitcoin to other platforms. However, in a leaked post, it has come to the public’s knowledge that Revolut will be allowing some of Revolut users to migrate their cryptocurrency holding to other platforms.
The blog post, before being deleted, was spotted by an AltFi reporter on Thursday. The blog post included an announcement in which a handful of Revolut paying customers will be given early access to the functionality of transferring their cryptocurrency to another platform.
Regrettably, the post got published before it was intended, according to a Revolut representative in an email. Additionally, the spokesperson blamed the scheduling issue for the cause of the blog post launching soon.
The blog post contained that at this instance, Revolut is only allowing Bitcoin to be, migrated to other platforms. However, support for other tokens will arrive soon. The users can trade 22 various digital currencies including, Ethereum, Bitcoin, XRP, and Litecoin.
It was stated that the employees at Revolut were already aware of the company’s move before the leaked publication, as the management thanked Bitcoin for allowing them to reach its milestones. Following the publication of Financial Times, an organization-wide message was exchanged that spoke about a soft launch for crypto-based withdrawals for eligible customers.
The restriction for transferring Bitcoin to other platform is set in place on Robinhood and PayPal, making their crypto-centric users who are a firm believer of the statement, not your keys, not your coins warn if you allow a bank to maintain digital currency for you, it is at risk for theft or loss.
A staunch supporter of Bitcoin, Russel Okung took to Twitter to vent out his displeasure by saying purchasing BTC on Robinhood or PayPal isn’t possessing the cryptocurrency. The support for cryptocurrencies like Bitcoin and others started in October of 2020, which aided Bitcoin to soar past its existing record high of $20,000. But, PayPal was in hot water very soon when it did not allow its users to move the cryptocurrencies purchased from its platform.
Cash App by Square, steered by Jack Dorsey, has already implemented Bitcoin withdrawals since 2019. Whereas Robinhood announced, it will be pursuing the functionality later on.