Cryptocurrency

Revolut Adds Crypto To US Offerings With Paxos Deal

Paxos

European FinTech Revolut, which recently debuted in the U.S. with an app and debit card, is expanding its range of services into the realm of cryptocurrency trading with a big assist from Paxos.

In a Wednesday (July 15) press release, Paxos Trust Co. said Revolut is its first customer for its new product, the Paxos Crypto Brokerage.

According to New York-based Paxos, the API-based solution is designed to enable companies to “integrate cryptocurrency buying, selling, holding and sending capabilities into their own applications.”

“The digital asset revolution has started and more and more companies like Revolut see it coming,” said Charles Cascarilla, CEO and co-founder of Paxos, in the press release. “With Paxos Crypto Brokerage, companies can leverage our expertise and regulatory compliance to easily and securely integrate crypto into their applications. We’re proud to offer financial market infrastructure that supports an open, digital financial future.”

Under its deal with Revolut, Paxos takes care of all the back-office details needed to make the cryptocurrency brokerage run on Revolut’s platform, including compliance with various state and federal regulations, while enabling Revolut to handle the customer-facing aspects of the relationship.

Paxos will hold crypto assets for Revolut’s users in the U.S., while enabling Revolut to control “the user experience” and manage its “customer relationships.” To that end, Paxos said it will provide “off-the-shelf historical pricing and market data for Revolut to customize the in-app experience.”

Revolut made its U.S. debut in March, teaming up with Metropolitan Commercial Bank to offer FDIC -insured accounts that can be opened and accessed through smartphones.

Revolut now claims more than 10 million customers worldwide and recently landed $500 million from investors.

“In order to expand our crypto offering to US customers, we had to find a trusted partner,” Nik Storonsky, founder and CEO of Revolut, said in the press release. “We chose Paxos Crypto Brokerage because their turn key solution is fully compliant and easy to integrate. The Paxos platform offers the security and liquidity we need to offer our users the best crypto experience.”

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