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Revolut Taps Blockchain Tools From Crypto Compliance Firm Elliptic

The partnership means Revolut customers' crypto transactions will now be recorded on the blockchain.

May 11, 2021 at 11:04 a.m. UTC
Updated Sep 14, 2021 at 12:53 p.m. UTC

U.K.-based digital banking service Revolut has partnered with blockchain firm Elliptic to support crypto withdrawals and guard against risk.

  • The integration announced Tuesday means that for the first time Revolut customers' crypto transactions will be recorded on the blockchain.
  • Revolut will also be using Elliptic's tools to provide visibility into risks and the ability to block high-risk transactions.
  • This follows soon after Revolut announced the beta launch of bitcoin withdrawals to other addresses for U.K. Metal service customers.
  • Subject to take up, this will be opened up to all U.K. users followed by those in other markets such as Europe and the U.S. and eventually expand to other crypto assets on Revolut's platform, such as ether and XRP.
  • Revolut has offered access to crypto since 2017, though the lack of facility for users to transfer their holdings to wallets elsewhere has often led the U.K. fintech to be "flayed alive" on social media, Ed Cooper, head of crypto, told CoinDesk recently.
  • Elliptic now provides the banking firm with "integrated, automated compliance solution that is tailored to our risk appetite and enables us to meet FCA [Financial Conduct Authority] requirements and other regulatory standards," according to Cooper.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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