Revolut Enlists Fireblocks to Securely Expand Crypto Services to 13 Million Users
NEW YORK, Oct. 8, 2020 /PRNewswire/ -- Fireblocks (www.fireblocks.com), an award-winning platform for securing digital assets, announced today that Revolut, the UK's fastest growing private tech company and one of Europe's largest FinTechs, will be leveraging its unique MPC-based wallet and network infrastructure to support the introduction of new crypto services for its 13 million global retail customers. As Fireblocks 100th customer, Revolut will lead in driving the international adoption of financial technology services, as Fireblocks provides the infrastructure needed for securing the payment railways for digital asset transfers.
Revolut's fintech products range from stock and cryptocurrency trading to daily budget management, and benefit a majority of users worldwide. As of today, Revolut's user base has grown over 13M users, making up more than 100M transactions per month. With this level of growth, matching security with cutting edge operations is critical for the brand.
"It is crucial that our platform takes advantage of the best crypto management solution in the industry because of our market share and worldwide presence," said Ed Cooper, Head of Crypto at Revolut. "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."
For Revolut, streamlining liquidity settlements through the Fireblocks Network guarantees the best possible price for their users while reducing counterparty risk. Fireblocks' MPC-based wallet infrastructure and network, makes it possible for Revolut to add additional product lines and retail-facing capabilities, bringing more traditional banking services alongside crypto to the platform. With Fireblocks support Revolut can now efficiently scale the framework of its crypto services by streamlining its storage, liquidity access and settlements while maintaining governance and compliance.
Many customers around the world are moving to fintech mobile apps or 'challenger banks' that enable them to avoid costs and complexities encountered by conventional banks. The increase in new customers brings forward an increase in market value, whereas Revolut ranks as one of the highest with a market valuation of $5.5 billion.
"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."
With the continuous growth of the crypto community, many users are turning to Revolut as they are a one-stop-shop for improving financial wealth, gaining asset control, and seamlessly connecting with people from around the world.
About Fireblocks
Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks enables exchanges, custodians, banks, trading desks, and hedge funds to securely scale digital asset operations through the Fireblocks Network and MPC-based Wallet Infrastructure. They have secured the transfer of over $100 billion in digital assets and have a unique insurance policy that covers assets in storage & transit. For more information, please visit www.fireblocks.com.
About Revolut
Revolut is here to transform the way money works. As an innovative, new kind of financial platform, it gives people the power to spend, transfer and manage their money without the sky-high fees charged by traditional banks. Since launching in 2015 in the UK, Revolut has expanded significantly beyond its origins as an FX product, adding new features and services all the time, including salary advance, instant peer-to-peer payments, budgeting controls and FDIC insurance up to a value of $250,000, through a partnership with Metropolitan Commercial Bank. Headquartered in London, with 2,000 people in 23 offices, Revolut is now one of the biggest Fintech communities in the world, with over 13 million customers globally. For more information, please visit https://www.revolut.com/en-US/
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