Revolut selects Fireblocks to expand crypto services

By Sunniva Kolostyak

Fireblocks, a digital assets securing platform, will provide FinTech Revolut with its multi-party computation-based (MPC) wallet and network infrastructure for new crypto services and secure payment railways.

Revolut, which already provides stock and cryptocurrency trading products, chose to partner with Fireblocks to increase security and get a ‘competitive edge’. The platform will provide the infrastructure needed for securing the payment railways for digital asset transfers.

Streamlining liquidity settlements through the Fireblocks Network guarantees the best possible price for Revolut users while reducing counterparty risk. Moreover, the Fireblocks’ MPC-based wallet infrastructure and network enables Revolut to add additional product lines and retail-facing capabilities, bringing more traditional banking services alongside crypto to the platform.

“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,” Ed Cooper, Head of Crypto at Revolut, commented, noting that with Fireblocks’ support, it can scale its framework by streamlining storage, liquidity access and settlements while maintaining governance and compliance.

“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.”

MPC technology removes the private key, which is recognised as the crypto vulnerability. Multiple fragments are instead drawn from multiple computers.

Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. It enables exchanges, custodians, banks, trading desks, and hedge funds to securely scale digital asset operations through the Fireblocks Network and MPC-based wallet infrastructure.

Michael Shaulov, CEO of Fireblocks, added: “We have seen a tremendous amount of demand from fintech and challenger banks, especially ones that have begun forraying in the retail crypto market.”

“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.”