Revolut UK-based digital bank partners team up with Fireblocks to launch new crypto products

Revolut

October 9, 2020

Reading Time: 2 minutes

In their move to ease asset exchange for their traders, Revolut, a fintech corporation based in London, has proposed a joint venture with Fireblocks, a security exchange firm.

Crypto business is currently very competitive, this in effect has pushed fintech firms to stretch their effectiveness on service delivery to the limits. Revolut has up to 13 million actives customers for their crypto services, however, they have consistently lacked the necessary infrastructure to explore more alternatives in their service delivery for full customer satisfaction.

Revolut offers exposure to diverse crypto products that includes Bitcoins, Litecoin, Ether, Bitcoin Cash, XRP, and Stellar lumens to their subscribers. However, they haven’t developed the most convenient infrastructure for these cryptos, therefore, the digital assets are held within their app on their customers’ behalf.

To secure a robust infrastructure for their customers, Revolut did seek partnership with Fireblocks, whose main product is the establishment of a safe and secure railway for the ease of transfer of digital assets.

Fireblocks on the other hand made a press release stating that they are willing and ready to offer the traders, within Revolut fintech firm, a robust and secure infrastructure for the ease of transfer of their digital assets.

In his statement, Revolut director, Ed Cooper alluded that their joint venture with Fireblocks will enhance the features of their digital asset market and will enable them to eliminate the instances of latency and other impediments to ease of exchange for their customers. He added that the crypto space is evolving at unfathomable speed and it is the best time to ride along with the new features that the market has made possible for the traders.

The two fintech firms are, however, not willing to share with the public their intended crypto products at the moment. They’ll let it surface on the day of launch.

The outstanding feature in Fireblocks’ infrastructure as stated by their chief executive director, Michael Shaulov, is their reliance on the multi-party technology of computation. This system eliminates centralized management and embraces the decentralized technique where no single individual can access other’s data.

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