On October 8, 2020, Fireblocks announced that Revolut would be utilizing its MPC-based wallet and network infrastructure to introduce new crypto services to its 13 million users. Revolut is now the 100th customer of Fireblocks. The company is currently the fastest-growing private tech firms and one of the biggest FinTechs in Europe. Fireblocks is a leading provider of infrastructure solutions needed to secure digital assets.
The Services Revolut Offers its Clients
Revolut offers its clients various fintech products that include crypto and stock trading as well as daily budget management. Their services are available globally. Today, the company has a user base of 13 million who make over 100 million transactions every month. With such a high-level operation, ensuring they have the right security measures is essential.
By streaming liquidity settlements via the Fireblocks Network, it will guarantee the best possible price for users while cutting down the counterparty risk. The MPC-based wallet infrastructure and network developed by Fireblocks will make it possible for Revolut to expand its services. Consequently, Revolut’s clients on the platform will have access to more traditional banking services alongside crypto. With the support of Fireblocks, Revolut can efficiently scale its crypto services by streamlining its storage, liquidity access, and settlements while being compliant.
The Rise Of Challenger Banks
Many people globally have been moving to fintech mobile apps, popularly known as challenger banks. These banks allow users to avoid the cost and complexity encountered when joining a traditional banking institution. The growth of their customer base increases its market value. Today, Revolut is a leader in this sector with a market valuation of around $5.5 billion.
As the demand for crypto-based services continues to grow, Revolut is seeing increasing interest levels. Its users view it as an all-in-one solution for improving financial health, gaining control of their assets, and seamlessly connecting with the masses globally.
According to Ed Cooper, the Head of Crypto at Revolut, it was crucial for them that their platform took advantage of the best crypto management solutions. The reason for this was the need to protect their market share and global presence.
Cooper added that moving to Fireblock’s wallet infrastructure would give them a competitive edge. It would enable them to deploy advanced crypto features for their clients, as the space continues to evolve quickly. He concluded by stating that they were working with Fireblocks to explore the possible experiences they could offer their customers.
Commenting on the issues, the Fireblocks CEO, Michael Shaulov, said they had seen huge demand from challenger banks, especially those entering the retail crypto industry. He added that they were excited to help Revolut in driving crypto adoption by providing a trusted infrastructure for the next billion people that enter the crypto market.
Fireblocks has emerged as a leader when it comes to providing security solutions to those in the crypto sector. Its solutions are already in use with other leading firms in the crypto sector such as ShareRing. By improving the security of platforms within the crypto sector, it will help to increase trust and drive mass adoption.
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