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That you're not actually buying cryptocurrencies with it. It's just an IOU from Revolut, with very dubious protection. With the unregulated part of crypto I wou
by lawn 7y ago
That you're not actually buying cryptocurrencies with it. It's just an IOU from Revolut, with very dubious protection. With the unregulated part of crypto I would bet you'd have absolutely zero protection if Revolut went out of business or just closed your account for some unknown reason.
- peteretep 7y agoThat’s true of any deposit with Revolut as they’re not a bank — as I understand it anyway. It’s as true of Euros or USD as it is for Bitcoin. They’re done as a business the first time they lose customer money though, and that feels like a reasonable hedge.
- ValentineC 7y ago> They’re done as a business the first time they lose customer money though, and that feels like a reasonable hedge. I don't know if they're required to undergo any financial audits, but I hope they don't grow "too big to fail" when they inevitably get compromised in some way.