Revolut expands its crypto offering with blockchain partnership

By adopting Elliptic’s crypto compliance software program Revolut’s customers can withdraw cryptocurrency and their transactions are recorded on the blockchain, for the primary time.

Picture supply: Revolut

Revolut made waves within the crypto world not too long ago, as exclusively revealed by AltFi, with information that clients owning assets in its vast crypto pile, will be capable of make withdrawals.

The premium ‘steel’ subscribers amongst its 15 million clients will even now have the choice when withdrawing cryptocurrency to have their transactions recorded on the blockchain, for the primary time. 

The performance comes as a part of an integration with Elliptic and can assist Revolut broaden its cryptocurrency providing by means of the partnership in addition to monitor suspicious transactions. 

Customers have been capable of maintain crypto-assets since 2018 however can now spend their cryptocurrency, ship it to non-public wallets, or switch it to different providers reminiscent of exchanges.  

“Elliptic’s fame as the worldwide chief in cryptoasset threat administration made them the clear alternative as Revolut’s compliance associate within the UK to assist us as we proceed to develop at tempo and improve our providing”, says Ed Cooper, Head of Crypto, on why Revolut selected to work with Elliptic. 

“Their providers present us with an built-in, automated compliance answer that’s tailor-made to our threat urge for food and allows us to fulfill FCA necessities and different regulatory requirements. Elliptics’s asset-agnostic scoring capabilities, configurable risk-rules, in addition to the in depth number of cryptocurrencies supported are essential for Revolut’s compliance operations and broadened cryptocurrency providing,” he added.

Simone Maini, CEO of Elliptic mentioned: “By adopting Elliptic’s crypto compliance instruments, Revolut can mitigate dangers of economic crime and open up new alternatives. Elliptic’s highly effective blockchain analytics makes it secure to supply crypto withdrawals to clients, in addition to opening up entry to a broader vary of cryptoassets”.