Revolut Partners With Fireblocks To Introduce New Crypto Services
- The financial services provider will join Fireblocks as its 100th customer, with the goal of introducing various new cutting-edge cryptocurrency features.
- Revolut will leverage Fireblocks’ infrastructure to potentially scale their cryptocurrency services to millions of new clients.
Illustration from Freepik
On October 8, in a press release shared with The Chain Bulletin, Fireblocks announced that Revolut, a global platform for securing digital assets, will be leveraging its unique MPC-based wallet and network infrastructure to bring more innovative crypto services to its customers.
According to the announcement, Revolut will streamline liquidity settlements through Fireblocks Network and guarantee “the best possible price” for their users while reducing counterparty risk.
Revolut claimed that, at present, 13 million global retail customers are utilizing their platform as an alternative to government-regulated banks. With their partnership with Fireblocks, the company is said to be bringing more traditional banking services and efficiently scale the framework of its crypto services by streamlining storage, liquidity access, and settlements while maintaining governance and compliance.
“It is crucial that our platform takes advantage of the best crypto management solution in the industry because of our market share and worldwide presence,” said Ed Cooper, Head of Crypto at Revolut. “Moving to Fireblocks’ wallet infrastructure gives us a competitive edge over other financial applications as it will enable us to rapidly add more advanced crypto features as the space continues to evolve at breakneck speed: we are now working closely with the Fireblocks team to explore all the new experiences that we can offer our customers in the near future.”
Revolut’s fintech products include stock and cryptocurrency trading, with many users around the world turning to the platform in order to improve their asset control and financial capabilities. The partnership marks Fireblocks’ 100th customer, putting the blockchain services provider at the front of innovation in the cryptocurrency environment.
Revolut reported that at this point, more than 100 million transactions per month are being conducted on the platform, and apart from security, cutting edge operations will be critical for the future success of the $5.5 billion-evaluated brand.
“We have seen a tremendous amount of demand from fintech and challenger banks, especially ones that have begun forraying in the retail crypto market,” said Michael Shaulov, CEO of Fireblocks. “We are excited to assist Revolut in driving the adoption of cryptocurrency by providing a trusted infrastructure for the next billion people coming into crypto.”
- Though officially launched today, the Payments Engine has already been used by Checkout.com during its pilot phase to settle around $1 billion in crypto transactions.
- The solution offers quick access to fiat-to-crypto conversion, cross-border internal settlement, micropayments, and merchant adoption with lower processing fees.
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- The U.K. accountancy and audit regulator noted that Revolut’s audit was “inadequate”, and had “high risk of an undetected material misstatement”.
- The Financial Reporting Council has also concluded that the payment app needs to improve its back office and controls, as it needs the “control environment of a bank”.
- The integration was made possible through Fireblocks’ Web3 Engine, a suite of developer tools designed for optimized security.
- Fireblocks’ users will now have direct access to Solana’s rich ecosystem of DeFi, NFT, and Web3 applications.