Today, we’re announcing that Revolut – the UK’s fastest-growing private tech company and one of Europe’s largest fintechs – is leveraging the Fireblocks MPC-based wallet and network infrastructure to support the introduction of new crypto services for its 13 million global retail customers.
In addition, we’re proud to share that Revolut is our 100th customer. Using the infrastructure we provide for securing the payment railways for digital asset transfers, Revolut looks to lead in driving the international adoption of financial technology services.
Revolut is a new kind of financial platform that gives people the power to spend, transfer and manage their money without the high fees charged by traditional banks. Since launching in 2015 in the UK, Revolut has expanded significantly beyond its origins as an FX product, adding new features and services like salary advance, instant peer-to-peer payments, budgeting controls and FDIC insurance up to a value of $250,000.
Headquartered in London – with 2,000 people in 23 offices – Revolut is now one of the biggest fintech communities in the world. Many consumers globally are moving to fintech mobile apps or “challenger banks” that enable them to avoid costs and complexities encountered by conventional banks. The increase in new customers brings forward an increase in market value; Revolut ranks as one of the highest with a market valuation of $5.5 billion.
With the continuous growth of the crypto community, users are turning to Revolut as they are a one-stop-shop for improving financial wealth, gaining asset control, and seamlessly connecting with people from around the world.
How Revolut is using Fireblocks
As of today, Revolut’s user base of over 13 million is making more than 100 million transactions per month. With this level of growth, matching security with cutting edge operations is critical for the brand.
According to Ed Cooper, Head of Crypto at Revolut, it’s “crucial” that their platform takes advantage of what he called “the best crypto management solution in the industry” because of their large “market share and worldwide presence.” In Cooper’s words, moving to the Fireblocks wallet infrastructure “gives Revolut a competitive edge over other financial applications because it enables us to rapidly add more advanced crypto features as the space continues to evolve at breakneck speed.”
For Revolut, streamlining liquidity settlements through the Fireblocks Network guarantees an excellent price for their users while reducing counterparty risk. Fireblocks’ MPC-based wallet infrastructure and network make it possible for Revolut to add additional product lines and retail-facing capabilities, bringing more traditional banking services alongside crypto to the platform. With Fireblocks support, Revolut can now efficiently scale the framework of its crypto services by streamlining storage, liquidity access, and settlements while maintaining governance and compliance.
Fireblocks and Revolut look to continue innovating together. “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,” Cooper commented.