By
Steve Muchoki
March 12th, 2024
According to Fireblocks, Revolut will be leveraging its unique MPC-based wallet and network infrastructure to bring more innovative crypto services to its customers.
United Kingdom’s most valuable financial technology startup, Revolut Ltd has strategically partnered with Fireblocks, an all-in-one platform to store, transfer, and issue digital assets, to introduce new cryptocurrency services to its customers.
According to Fireblocks, Revolut will be leveraging its unique MPC-based wallet and network infrastructure to provide its customers with more advanced crypto services.
“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,” said Ed Cooper, Head of Crypto at Revolut.
Fireblocks and Revolut Partnership
With approximately 13 million global customers, Revolut is focused to tap into the growing crypto blockchain industry to further streamline its services.
Revolut has recorded more than 100 million transactions per month on its platform, hence indicating an immense growth in the adoption of its digital banking services. In addition, the startup guarantees its customers a top notch security system. Hereby, cutting edge operations will be critical for the future success of the $5.5 billion-evaluated brand.
Traditional financial institutions and startups are leaning towards blockchain technology to solve the outdated banking system. With the world experiencing a drastic change in the way of business operations due to the pandemic, companies that adopt artificial intelligence and other advanced technologies will be at a vantage point of global competition.
“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.”
Since its inception back in 2015, Revolut has grown tremendously to become internationally recognized by different jurisdictions as a legal entity.
On the Flipside
In December 2018, Revolut secured a specialized bank license from European Central Bank, facilitated by the Bank of Lithuania. As a result, Revolut has the possibility to accept deposits and provide customers with credits, but not with investment services.
Additionally, Revolut was issued with an Electronic Money Institution license by the Bank of Lithuania. The company is well positioned to strengthen its infrastructure to be a strong rival to the strongest industry players.
Notably, the company has ventured into different markets to market its banking app. A few months ago, Revolut introduced its app in Japan.