Revolut, a British fintech and banking company decided to launch a new feature called "spend cryptocurrencies. This feature will help convert customers' cryptocurrency balances into fiat money.
Customers can pay online for purchases at online stores and in person. The conversion operation will depend on the current exchange rate, and the exchange fee will be charged according to the user's subscription plan.
Revolut will provide its customers with 1% cashback on digital assets for purchases made with one of nearly 100 supported tokens, including Bitcoin, Dogecoin, and Ethereum.
The cashback will be issued to customers in the same currency in which the transaction was made. For example, if someone spends Dogecoin, a 1% cashback will be issued in Dogecoin itself.
Currently, the cashback feature is only available to customers in the UK, and the company has not yet said how long the promotion will last.
Revolut added 22 more currencies in August, bringing the total number of currencies offered to over 40.
Cryptocurrencies have become quite popular these days. They help customers cash out their digital assets and spend them at numerous outlets around the world that accept such technology.