Fintech digital bank Revolut integrates with Elliptic to expand its cryptocurrency offering
Digital bank Revolution, one of the fastest growing Fintechs with more than 15 million customers, revealed on May 11, 2021 that it has integrated with Elliptical, a provider of digital asset risk management and blockchain analysis software.
This partnership should allow Revolut to expand its cryptocurrency offering.
As mentionned in a press release, Metal Revolution customers in the UK now have the option of withdrawing digital currency and their transactions are recorded on the blockchain, “for the first time.”
The announcement also noted that customers have been able to hold cryptocurrencies since 2018 and this latest update means Revolut customers can spend their virtual currency, send it to their personal digital wallet, or transfer it to exchanges.
As stated in the press release, Revolut will use Elliptical lens, navigator and forensics in the UK to provide “visibility into the risks and knowledge needed to block high-risk crypto-asset transactions.”
Ed Cooper, head of crypto at Revolut, said:
âElliptic’s reputation as a global leader in crypto-asset risk management has made it the obvious choice as Revolut’s UK compliance partner to support us as we continue to grow at a steady pace and improve our offer. Their services provide us with an integrated and automated compliance solution that is tailored to our risk appetite and enables us to meet FCA requirements and other regulatory standards. Elliptic’s asset-independent rating capabilities, configurable risk rules, as well as the wide selection of supported cryptocurrencies are crucial for Revolut’s compliance operations and expanded cryptocurrency offering.
Simone Maini, CEO of Elliptic, said:
âBy adopting Elliptic’s crypto compliance tools, Revolut can mitigate the risks of financial crime and expand its cryptocurrency offering. Elliptic’s powerful blockchain analytics help securely offer crypto withdrawals to customers and give them access to a wider range of crypto assets.
Since launching its platform in 2015 in the UK, Revolut has expanded its operations and is now one of the largest Fintechs in the world.
Many customers around the world are turning to Fintech mobile applications or âchallenger banksâ which allow them to avoid the costs and complexity of working with incumbents.
With the rapid growth of the cryptocurrency community, users are increasingly turning to Revolut as a “one-stop-shop” to “improve financial wealth, gain control over assets, and seamlessly connect with people. from all over the world, âthe announcement notes.
But it should be noted that Revolut is a highly centralized platform where the user may not have full control over their crypto since they may not have access to the private keys that control their funds (while their funds are deposited on Revolut).
Cryptocurrencies are meant to be decentralized, unauthorized, and should allow unrestricted transactions. By transacting on Revolut and other centralized platforms such as PayPal and Robinhood, crypto users may not have full control of their funds and may be locked out of their accounts for long periods of time.