Today, more on the overarching theme of this year’s News coverage – the irresistible advance of cryptocurrencies into mainstream finance. Our friends at Finextra report the latest from the UK’s leading challenger bank, Revolut:
Revolut is to allow customers to transfer their bitcoin holdings to wallets outside the superapp’s ecosystem, addressing a long-standing gripe about the company’s walled garden approach to crypto trading.
The beta rollout of BTC withdrawals addresses a number of sticking points in Revolut’s embrace of cryptocurrencies, which prevented customers from transferring their holdings to other users or storing the cryptocash anywhere other than their Revolut account.
To begin with, Revolut will give exclusive access to UK Metal premium customers. They will be able to add three external addresses and withdraw up to £500 a day and £1,000 a month.
Nik Storonsky, founder and CEO at Revolut, says: “Crypto withdrawals have been a heavily requested feature within Revolut’s crypto community and we’re delighted that we can begin the gradual process of rolling it out. Customers can lock down wherever they feel safest – whether it’s Revolut, into hot or cold storage, or to another exchange.”
Last month, Revolut added 11 new cryptocurrency tokens to the app, brining the total number of coins available for customers to trade to 20.
Loan Offer Latest
Historical Performance And IFISA Process Guide
That figure is the result of over £20 million of loans facilitated on the site, as we bring individuals looking for a good return on capital together with carefully vetted small companies seeking funds for growth. Bear in mind that lenders’ capital is at risk. Read warnings on site before committing capital.
All loans on site are eligible to be held in a Money&Co. Innovative Finance Individual Savings Account (IFISA), up to the annual ISA limit of £20,000. Such loans offer lenders tax-free income. Our offering is an Innovative Finance ISA (IFISA) that can hold the peer-to-peer (P2P) business loans that Money&Co. facilitates. For the purposes of this article, the terms ISA and IFISA are interchangeable.
So here’s our guide to the process:
The ISA allowance for 2020/21 is unchanged from last tax year at £20,000, allowing a married couple to put £40,000 into a tax-free environment. Over three years, an investment of this scale in two Money&Co. Innovative Finance ISAs would generate £8,400 of income completely free of tax. We’re assuming a 7 per cent return, net of charges and free of tax here.
Once you have made your initial commitment, you might then consider diversifying – buying a spread of loans. To do this, you can go into the “loans for sale” market. All loans bought in this market also qualify for IFISA tax benefits.
Risk: Security, Access, Yield
Do consider not just the return, but the security and the ease of access to your investment. We write regularly about these three key factors. Here’s one of several earlier articles on security, access and yield.