Revolut partners with Fireblocks for new crypto service
UK based financial technology firm has enlisted Fireblocks — a digital asset transaction and storage platform — for crypto wallet and network security infrastructure
Revolut announced yesterday it will tap into Fireblocks’ expertise on wallet security for its new crypto project that will potentially reach up to 13 million users when launched. The fintech company did not get into the specifics of the crypto service but stated that Fireblocks’ crypto management solution would be useful to the project.
For its wallet offering, Fireblocks employs a patented multi-party computation tech. The MPC technology has been instrumental in managing the transfer of digital assets worth $70 billion. Revolut will introduce the MPC-based wallet and network infrastructure to its product to reduce counterparty risk and improve the user experience.
Coming at a time when increased volatility is drawing investors into crypto, the financial institution added that partnering with the crypto-security firm will greatly improve crypto services. The service will allow users to complete transactions easily with a single confirmation.
Revolut is currently one of the largest fintech companies in Europe and this partnership will help it expand its crypto trading service. The company will be Fireblocks’ 100th customer from the financial space.
The head of crypto at Revolut, Ed Cooper, spoke on the collaboration saying: “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. 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”.
On the same subject, Michael Shaulov chief executive of Fireblocks said, “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”.