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Revolut Taps Blockchain Tools From Crypto Compliance Firm Elliptic
The partnership means Revolut customers' crypto transactions will now be recorded on the blockchain.
Updated May 9, 2023, 3:19 a.m. Published May 11, 2021, 11:04 a.m.
U.K.-based digital banking service Revolut has partnered with blockchain firm Elliptic to support crypto withdrawals and guard against risk.
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- The integration announced Tuesday means that for the first time Revolut customers' crypto transactions will be recorded on the blockchain.
- Revolut will also be using Elliptic's tools to provide visibility into risks and the ability to block high-risk transactions.
- This follows soon after Revolut announced the beta launch of bitcoin withdrawals to other addresses for U.K. Metal service customers.
- Subject to take up, this will be opened up to all U.K. users followed by those in other markets such as Europe and the U.S. and eventually expand to other crypto assets on Revolut's platform, such as ether and XRP.
- Revolut has offered access to crypto since 2017, though the lack of facility for users to transfer their holdings to wallets elsewhere has often led the U.K. fintech to be "flayed alive" on social media, Ed Cooper, head of crypto, told CoinDesk recently.
- Elliptic now provides the banking firm with "integrated, automated compliance solution that is tailored to our risk appetite and enables us to meet FCA [Financial Conduct Authority] requirements and other regulatory standards," according to Cooper.
See also: Revolut Adds 11 Cryptocurrencies to Its Trading Offerings
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