By Daniel Lanyon on Tuesday 11 May 2021
By adopting Elliptic's crypto compliance software Revolut’s users can withdraw cryptocurrency and their transactions are recorded on the blockchain, for the first time.
The premium ‘metal’ subscribers among its 15 million customers will also now have the option when withdrawing cryptocurrency to have their transactions recorded on the blockchain, for the first time.
The functionality comes as part of an integration with Elliptic and will help Revolut broaden its cryptocurrency offering through the partnership as well as track suspicious transactions.
Users have been able to hold crypto-assets since 2018 but can now spend their cryptocurrency, send it to personal wallets, or transfer it to other services such as exchanges.
"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”, says Ed Cooper, Head of Crypto, on why Revolut chose to work with Elliptic.
“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’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 added.
Simone Maini, CEO of Elliptic said: “By adopting Elliptic's crypto compliance tools, Revolut can mitigate risks of financial crime and open up new opportunities. Elliptic's powerful blockchain analytics makes it safe to offer crypto withdrawals to customers, as well as opening up access to a broader range of cryptoassets”.