Revolut partners Elliptic for crypto offering

Revolut has announced a new partnership with crypto-asset risk management and blockchain analytics company Elliptic.

The move is part of the Revolut’s plans to broaden its cryptocurrency offering.

Last week the company announced the launch of bitcoin withdrawals for Revolut Metal customers.

Customers have been able to hold crypto-assets with Revolut since 2018, but the expansion of the service now enables them to spend their cryptocurrency, send it to personal wallets, or transfer it to other services such as exchanges.

The FinTech, which is reportedly set for a new funding round that would value it between £7.2 billion and £10.8 billion, said that it has introduced two-factor authentication to the bitcoin withdrawal process.

Revolut’s chief executive Nik Storonsky said that the move is one of many new crypto features the company plans to launch.

It also plans to roll crypto withdrawals out to other paid plans and markets in the near future.

“[Elliptic’s] 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,” said Ed Cooper, head of crypto, Revolut. “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.”

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