Revolut has just launched an exclusive card that offers its members cashback paid in crypto and an array of perks aimed at those regularly jet-setting around the globe.
Crypto Junkies Meet Revolut Metal
Revolut, a UK-based billion-dollar fintech startup, may not be giving away their new crypto cash back travel featured Metal card for free, but there are plenty of perks to make up for it.
Members will benefit from a personal concierge, travel insurance, plus free global ATM withdrawals of up to £600 ($770) per month; an increase from the £400 ($517) limit set for Premium only members. Also bundled in are all the Revolut Premium features; such as global express delivery, free turbo transfers, unlimited interbank GFX and 24/7 support.
CEO of Revolut, Nikolay Storonsky, has dubbed the card an absolute must for those that embark on regular international travel excursions. That being said, the highlight of the new Revolut Metal membership for crypto junkies is the appealing crypto cash back bolt on.
Although the move to create a subscription-based card is said to be driven by the company’s push to increase profits in preparation for its planned future expansion into Asia and the USA, there could be yet another unseen motive in play here. One that will drive the company’s success further into the 21st century.
Revolut is an exciting new brand of a digital bank with an innovative team behind the scenes. Instead of doing what many European banks like Lloyds have done, which is to denounce digital currencies, Revolut has embraced them.
There is little doubt that the new Revolut Metal subscription will already appeal to the masses already invested in the blockchain. However, with many of the world’s generation Z early adopters of new technology now coming of age, and seemingly unfazed by adopting new technology, Rovolut looks poised to attract this demographic on top. Adding to this, there is a booming trend in youngsters that want to travel more to see the world – travel and crypto all in one – the perfect financial option for this age group.
Also, those that may be on the fence when it comes to investing in the blockchain may just be swayed by the new Revolut Metal subscription’s attractive crypto cashback option.
It is very reasonable to assume that the company is not only focusing on its US and Asian expansion, but also preparing for what is looking to be an inevitable increase in blockchain technology creeping into people’s everyday lives and more rapidly moving into the world of commerce.
By introducing a card that encourages the use of cryptocurrencies, the digital bank is seemingly opening up new avenues to future success and brand identity.
The current Revolut Premium membership costs £6.99 per month, but it does not come with a cryptocurrency cash back option. To take advantage of the crypto cash back, subscribers will have the option to pay a monthly rate of £12.99 ($16.69) or opt-in for the yearly subscription fee of £120 ($154.2). As an added novelty, all those that receive a Revolut Metal card will be part of a unique elite of cardholders because the card is ironically made from metal.
At the moment, Revolut has over 2.5 million users in Europe registered to its Premium membership. The company is also the very first digital bank startup to not report a loss. Revolut actually did one better than breaking even by reporting a profit in its most recent fiscal year; an achievement that will encourage other digital banks such as You and B as well as Fidor Bank both also based in Europe.
The success of the new crypto cash-back will be closely monitored by Revolut competitors, and should the concept become widely adopted, then this could spark a new wave of investors into the blockchain.