Revolut, the London-based fintech on May 11, 2021, revealed its integration with Elliptic, a world leader in cryptoasset risk management and blockchain analytics.
Revolut, which serves over 15 million customers, has partnered with Elliptic to expand its cryptocurrency offering. As a result, Revolut Metal customers across the UK can withdraw cryptocurrency, and their transactions are logged on blockchain for the first time.
The company has been able to hold cryptoassets since 2018. This launch enables Revolut’s customers to spend their cryptocurrency, transfer it to other services such as exchanges or send it to personal wallets.
Revolut plans to do this by leveraging Elliptic Lens, Forensics, and Navigator in the UK to offer clarity over risks and the knowledge and understanding to block high-risk cryptoasset transactions.
Why Revolut?
Since its inception in 2015, Revolut has expanded significantly and now operates as one the biggest fintech communities in the world. Several customers adopt mobile apps or “challenger banks” that help them avoid costs and complexities with traditional banking.
With the incessant growth of the crypto community, users are counting on Revolut as the ‘one-stop-shop’ destination to enhance financial wealth, gain asset control, and seamlessly connect with people worldwide.
The experts’ take
Ed Cooper, Head of Crypto, on why Revolut chose to work with Elliptic, stated, “Elliptic’s reputation as the global leader in cryptoasset risk management made them the clear choice as Revolut’s compliance partner in the UK to support us as we continue to grow at pace and enhance our offering.”
He added, “Their services provide us with an integrated, automated compliance solution that is tailored to our risk appetite and enables us to meet FCA requirements and other regulatory standards. Elliptics’ 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.”
Simone Maini, CEO of Elliptic, adds, “Elliptic’s blockchain analytics capability lets Revolut offer a broader range of cryptoasset services more safely. This is a landmark partnership between two companies at the forefront of financial services.”
Elliptic is the trusted vendor of enterprise-grade crypto compliance solutions for fintech, traditional financial institutions, and crypto exchanges. Elliptic’s customers have the privilege to assess risk on transactions across 100 plus different assets – including cryptocurrencies, tokens, and stablecoins.
