Revolut, which bills itself as a ‘digital banking alternative’, has integrated MPC-based wallet and network infrastructure offered by crypto-security firm, Fireblocks to enhance clients’ experience
The challenger bank said enlisting Fireblocks will support the introduction of new crypto services as greater volatility is attracting new investors during the pandemic. The latest addition to the suite of crypto services it plans to bring to its 133 million users will enable them to perform their transactions with just one confirmation.
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Fireblocks also offers several different cases for its users, like earning passive income or safeguarding assets. Most recently, it partnered with the DeFi platform to offer OTCs, exchanges, and funds to deploy assets onto a Compound and earn 3% to 7% interest.
“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,” said Ed Cooper, Head of Crypto at Revolut.
Fireblocks is backed by Tenaya Capital, Fidelity’s investment arm Eight Roads, and counts Galaxy Digital, Celsius, Genesis, and other large institutional players as clients. The company supports over 180 tokens and has obtained access to more than 20 major exchanges that are reportedly moving more than $7 billion in digital assets each month.
Blockchain security firm has crossed $30 billion in digital asset transfers through the user interface and API, and also achieved solid increases in customer growth, having onboarded more than 40 institutional customers.
Fireblocks’ technology, dubbed ‘Secure Transfer Environment,’ allows for trading digital assets between exchanges, wallets, custodians, and counterparties while meeting all enterprise security requirements. It offers safe transitions of crypto assets between those providers and claims to eliminate the theft of private keys or compromise of API keys and deposit addresses using the chip isolation technology (SGX).
Revolut has recently rolled out a series of new products, including the launch of its app and service in Japan, which marked its first leap into a non-English speaking market. However, the fintech company was struck by controversy earlier this year when it faced many outages with such inconveniences that have recently become a point of contention and competition between those who offer similar services.
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