UK fintech company Revolut has announced it is partnering with secure digital assets platform Fireblocks in order to expand its cryptocurrency services to its 13 million users.
Revolut is one of the most valuable fintech companies in the UK, offering pre-paid debit cards, a fee-free currency exchange and a cryptocurrency exchange through app-based banking.
Through the partnership, it will leverage Fireblocks’s MPC-based wallet and network infrastructure to introduce new crypto services to its user base, which makes over 100 million transactions a month.
“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.”
According to Revolut, by using Fireblocks’s Network, it can offer the best price for users “while reducing counterparty risk”. The company’s wallet infrastructure means that Revolut can add new product lines to its platform.
The partnership will also make it easier for Revolut to scale its crypto services.
“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.”
This comes after the news that the UK Financial Conduct Authority has banned the sale of crypto derivative and exchange traded notes.