Revolut, the London-based fintech company, called on the crypto security company Fireblocks to lay the groundwork for new crypto products. While both companies have not specified yet what kind of projects or products exactly they will develop, this is great news for the public adoption of cryptocurrency.
Revolut currently offers its 13 million customers exposure to Bitcoin, Ether, Litecoin, XRP, Bitcoin Cash, and Stellar lumens, but the cryptocurrency is held on behalf of the customers by the company and cannot be transferred out of the application. This partnership should allow users greater freedom with their cryptocurrency.
Fireblocks, whose main product is a secure infrastructure for moving, storing and issuing digital assets, said in a press release that it would provide Revolut with the infrastructure needed “to secure payment railways for digital asset transfers” and to introduce new product lines and retail capabilities.
Ed Cooper, head of cryptocurrency at Revolut, said the combination with Fireblocks will allow Revolut “to quickly add more advanced cryptographic functionality as space continues to evolve at a dizzying pace.
However, neither company is specifying exactly what those products will be.
Fireblocks’ customers cover a wide range of institutions, from stock exchanges to hedge funds. The company relies on multiparty computing technology, an emerging field of crypto that distributes computing to a number of parties without allowing any individual party to see each other’s data.
Michael Shaulov, CEO of Fireblocks, believes this sets his product apart in a crowded field.
“There are many options for hot wallet storage and cold storage, even the hottest, but Fireblocks provides secure rails so that funds can be easily transferred from cold storage or any other storage solution and installed on the largest institutional digital asset transfer network. The network provides secure access to exchanges, liquidity providers, lending offices, and counterparties,” he explained.
Shaulov said he expects an announcement with more details on the collaboration with Revolut in the coming weeks.