According to a Revolut press release from 11 May, the company’s Metal customers in the U.K. will now be able to withdraw cryptocurrencies thanks to an integration with Elliptic. The company will use Elliptic Lens, Navigator, and Forensics to manage risk. Ed Cooper, the Head of Crypto at Revolut, said that using Elliptic will provide the company with an integrated, automated compliance solution that meets FCA requirements and other regulatory standards.
“Elliptics’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,” he said in the company’s release.
Revolut customers have been able to hold cryptocurrencies since 2018, but it wasn’t until the beginning of May 2021 that the platform introduced withdrawals. A beta version of this feature was enabled at the beginning of the month, supporting only Bitcoin withdrawals for Revolut Metal customers in the U.K. As of 11 May, customers across the U.K. will be able to spend their cryptocurrencies, send them to personal wallets, or transfer them to other services such as exchanges.
Nick Storonsky, the CEO of Revolut, said earlier this month that crypto withdrawals have been a heavily requested feature within Revolut’s community and that the company will begin gradually rolling it out worldwide.