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Revolut adopts Elliptic's crypto compliance software

Source: Revolut

Revolut, the fast growing fintech with more than 15 million customers, has announced today that they have integrated with Elliptic, the global leader in cryptoasset risk management and blockchain analytics.

This partnership lets Revolut broaden its cryptocurrency offering. Revolut Metal customers in the UK are now able to withdraw cryptocurrency and their transactions are recorded on the blockchain, for the first time. They have been able to hold crypto-assets since 2018 and this launch means Revolut’s customers are able to spend their cryptocurrency, send it to personal wallets, or transfer it to other services such as exchanges.

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.

"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.

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 cryptoassets”.

Since launching in 2015 in the UK, Revolut has expanded significantly and is now one of the biggest fintech communities in the world. Many consumers globally are moving to fintech mobile apps or “challenger banks” that enable them to avoid costs and complexities encountered by conventional banks. With the continuous growth of the crypto community, users are turning to Revolut as the ‘one-stop-shop’ for improving financial wealth, gaining asset control, and seamlessly connecting with people from around the world.

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