Revolut offers $50 enticement to complete crypto education course

Revolut Learn and Earn cryptocurrencies

Global payments fintech Revolut has offered its customers up to AU$50 worth of cryptocurrency if they complete a series of in-app education courses covering the risks of trading in crypto assets.

Offered as part of Revolut’s ‘Learn and Earn’ platform, and coinciding with the program’s one-year anniversary, users will have until 11 October to complete the six free course units and claim their AU$50 worth of crypto credits.

Revolut estimates that each curated course will take users around five minutes to complete.

The courses, it said, are “designed to educate on the fundamentals of crypto in a digestible way”.

“Unlike other resources, Revolut’s content breaks down traditionally complex crypto terminology, provides information on how to buy and trade the digital currencies using the Revolut app and explains the benefits and risks associated with these financial assets,” the paytech said in a statement.

Each course unit will also be followed by a relevant quiz to test users’ knowledge.

Revolut notes that around 10,000 Australians have used the Learn and Earn program since its launch in 2022 to “advance their knowledge in cryptocurrencies”.

This includes, it said, information on cryptocurrencies DOT, 1inch, AVAX, and NEAR, with participants gaining knowledge on existing and future use cases for crypto assets.

“We’re breaking down the complex world of cryptocurrencies and blockchain technologies, and shining a light on both the good stuff and the risks of trading,” said Charlie Short, Revolut’s head of growth in Australia.

“Our goal at Revolut is to make money matters easy to grasp for people, and to give them the confidence to take charge of their financial lives.”

Crypto is still regarded as a highly volatile and speculative investment asset class, backed by little more than investor sentiment.

Large-cap crypto Bitcoin at one point, for instance, lost 30 per cent of its value in a single day. Other popular crytocurrencies Ethereum and Dogecoin have also experienced similar levels of volatility since their launch in 2015 and 2013, respectively.

Nevertheless, crypto trading remains popular among Aussies, and especially Gen-Z investors. A study by the Australian Securities Exchange (ASX) earlier this year found that nearly one in three (29 per cent) Australian investors have expressed interest in buying cryptocurrency within the next 12 months. Today, around 15 per cent of Australian investors currently hold cryptocurrencies.

Around 31 per cent of investors aged between 18 and 24 hold some form of cryptocurrency, the study also found.

Australia’s big four banks have largely shied away from allowing customers to hold cryptocurrencies on their accounts. CBA was the only major to express interest in enabling customers to hold and trade cryptocurrencies (including Bitcoin, Ethereum and Litecoin); it announced an indefinite pause on the program a few months later following the 2021-22 crypto markets crash.

Revolut itself concedes that “crypto tokens are volatile assets and prices can go down”.

“Revolut believes in widening access to crypto and also recognises that it may not be appropriate for everyone, so the company encourages its customers to consider their own circumstances and do their own research before buying or selling.”

Through its ‘superapp’, which offers a range of money management and investment features, Revolut said its customers can access more than 110 cryptocurrencies.

The UK-headquartered fintech, which debuted in Australia in 2019, said that its ‘Learn and Earn’ platform demonstrates the company’s “commitment to advancing financial literacy in everyday people”.

“Through rewarding customers financially and educationally for their participation in this space, Revolut hopes to foster a deeper understanding of, and increased access to, alternative digital asset classes.”