FinTech Platform Revolut to Leverage Fireblocks’ Secure Wallet & Network Tech to Launch New Crypto Services
Revolut, the mobile-only trading app, has announced that it would be utilizing Fireblocks's technology to offer a new range of crypto services. Fireblocks is popular for helping big institutions to shift cryptocurrencies between exchanges. However, neither of the two firms revealed exactly what these new crypto services would be.
Fireblocks currently support three exchanges, namely Huobi Global, OkCoin, and Bithumb. Big companies use Fireblocks technology to move funds between smart contracts both on and off-chain without logging in and out of each exchange.
Revolut started as a mobile banking service offering cross-border remittance services starting in 2018. In the beginning, the mobile banking app allowed only the purchase and sale of bitcoin; however, now it offers multiple digital assets.
Revolut this year expanded to the US as well, which expanded its user base significantly. It is being believed that its recent association with Fireblocks is only going to help it scale its crypto services further.
As per Revolut's yearly financial report released in August this year, the customers on the mobile banking app held $121 million in crypto by the end of 2019, seeing an increase of 2.5 folds from 2018. In the financial year of 2018, the total amount of crypto held by the mobile banking service stood at $48 million.
Ed Cooper, Revolut’s head of crypto, commented on their association with Fireblocks but did not reveal any detail of the partnership and how both the firms plan to scale bitcoin services.
“Fireblocks will enable us to add more advanced crypto features rapidly, ” they are also exploring “all the new experiences that we can offer our customers shortly.” He added,
“Wish I could give more info here. They haven't announced the services yet, but Revolut is planning to announce this themselves in the next few weeks.”