UK-based digital banking service Revolut has partnered with blockchain firm Elliptic to support crypto withdrawals and guard against risk.
This partnership will allow Revolut to offer its 15 million customers a wider cryptocurrency offering.
The integration means that Revolut customers’ crypto transactions will be recorded on the blockchain.
While Revolut has offered access to crypto since 2017, it lacked the facility for users to transfer their holdings to wallets elsewhere. With the integration, the challenger bank’s customers can spend their virtual currency, send it to their personal digital wallets, or transfer it to exchanges.
Revolut will be using the Elliptic Lens, Navigator and Forensics with the aim to boost visibility over risks, and the knowledge to block high-risk crypto-asset transactions.
Elliptic will provide the banking firm with an “integrated, automated compliance solution that is tailored to our risk appetite and enables us to meet Financial Conduct Authority’s requirements and other regulatory standards,” Revolut said.
Subject to take up, this will be opened up to all UK users followed by those in other markets such as Europe and the US.
Commenting on the new partnership, Revolut head of crypto Ed Cooper said, “Elliptic’s reputation as the global leader in cryptoasset risk management made them the clear choice as Revolut’s compliance partner in the UK to support us as we continue to grow at pace and enhance our offering.
“Their services provide us with an integrated, automated compliance solution that is tailored to our risk appetite and enables us to meet FCA requirements and other regulatory standards. Elliptic’s asset-agnostic scoring capabilities, configurable risk rules, as well as the extensive selection of cryptocurrencies supported, are crucial for Revolut’s compliance operations and broadened cryptocurrency offering.”
The new partnership comes a few days after the FinTech company opened withdrawals for cryptocurrencies for limited users.
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