Revolut integrates Elliptic’s crypto compliance software

By Pavithra R

Global fintech innovator Revolut has announced an integration with Elliptic, a leading provider of crypto-asset risk management and blockchain analytics solutions.

Under the partnership, Revolut Metal customers in the UK can now withdraw cryptocurrency and their transactions are recorded on the blockchain. Since 2018, they have been able to hold crypto-assets and this launch means customers can spend their cryptocurrency, send it to personal wallets, or transfer it to other services such as exchanges.  This deal is expected to broaden Revolut’s cryptocurrency offering.

“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. 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. Elliptic’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,” said Ed Cooper, Head of Crypto, on why Revolut chose to work with Elliptic.

Since launching in 2015 in the UK, Revolut has significantly expanded and is now one of the biggest fintech communities in the world. 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. Elliptic is the go-to provider of enterprise-grade crypto compliance solutions for fintechs, crypto exchanges and traditional financial institutions.

Revolut will use Elliptic Lens, Navigator and Forensics in the UK to give visibility over risks, and the knowledge to block high-risk cryptoasset transactions.

“By adopting Elliptic’s crypto compliance tools, Revolut can mitigate risks of financial crime and broaden its cryptocurrency offering. Elliptic’s powerful blockchain analytics makes it safe to offer crypto withdrawals to customers and grant them access to a broader range of cryptoassets,” adds Simone Maini, CEO of Elliptic.