Revolut to Support Crypto Withdrawals
- Elliptic will provide Revolut with an automatic compliance solution that meets FCA requirements.
- Revolut Metal customers in the U.K. will be able to withdraw their cryptocurrencies, with the service set to roll out globally in the future.
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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.
- 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”.
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- The new crypto withdrawal service is still in beta, and is limited to only U.K.-based customers with Revolut Metal accounts and Bitcoin withdrawals.
- Once the beta is finished, Revolut is likely to roll out the service to more jurisdictions, and support more digital assets.
- 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.