Fintech firm Revolut plans to roll out a “spend from crypto” feature on Nov. 1.
Customers will get 1% back “for a limited time” by paying with their Revolut cards using crypto, an email from the company said.
The cash back promotion is only available to users in the United Kingdom, according to company terms.
Revolut introduced 29 new tokens to its crypto offerings in September, including SOL, AVAX and shiba inu. The firm plans to add its own native token along with a non-custodial wallet.
Last month, the UK’s Financial Conduct Authority (FCA) added Revolut to its cryptoasset register.
Bitcoin and Ethereum outflows from centralized exchanges have been pointing toward a growing accumulation trend among investors. This saw billions of dollars worth of coins leaving exchanges weekly as investors moved them out. Even now, the exchange outflows have continued despite the recovery in the price of bitcoin and Ethereum, showing that investors are not slowing down their buying.
Bitcoin, Ethereum Net Flows Still Negative
The exchange net flows for the past two weeks have been coming out negative for both Bitcoin and Ethereum. The same has been the case on a daily basis where outflows continue to exceed inflows, leading to negative net flows.
Data from Glassnode shows that for the last day, the net flows for bitcoin reached as high as $158.5 million. There had been a total of $498 million worth of BTC flowing into exchanges, but more than $656 million had flowed out.
Ethereum saw a similar net flow trend where $170.7 million flowed into the exchanges and $212.7 million flowed out of the exchanges. This led to a negative net flow of -$42 million over the 24-hour period. On a 7-day rolling basis, ETH net flows had remained negative, but only by a small margin, according to data from IntoTheBlock.
A Recovery On The Horizon?
The crypto market has been consolidating for a while but indicators point to a possible end to this trend. Tether (USDT) inflows into centralized also point towards this. Net flows for the stablecoin remain positive, which suggests an end to the sell-offs and a beginning of a buy trend in the market. However, it remains hard to pinpoint exactly when a significant recovery since the net flows for the last day were around $77 million.
