A few days back, a London fintech firm Revolut launched bitcoin withdrawal and said it will add more tokens in the near future.
And now, the UK company has announced that they have integrated with Elliptic, the global leader in crypto-asset risk management and blockchain analytics.
How does this partnership benefit Revolut?
This partnership lets Revolut broaden its cryptocurrency offering, says the company. As a part of the partnership, Revolut will use Elliptic Lens, Navigator, and Forensics in the UK to give visibility over risks, and the knowledge to block high-risk crypto-asset transactions.
Notably, Revolut Metal customers in the UK are now able to withdraw cryptocurrency and their transactions are recorded on the blockchain for the first time.
From now, Revolut’s customers can spend their cryptocurrency, send it to personal wallets, or transfer it to other services such as exchanges.
Makes transaction more transparent
Based out of London, Elliptic makes cryptocurrency transaction activity more transparent and accountable. The company is preventing, detecting, and pursuing criminal activity in cryptocurrencies.
Elliptic identifies illicit activity in cryptocurrencies, providing actionable intelligence to cryptocurrency companies, financial institutions, and government agencies.
“Elliptic’s reputation as the global leader in crypto-asset 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. Elliptic’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.”
Simone Maini, CEO of Elliptic adds “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 crypto-assets”.