FinTech: Revolut is Crypto Brokerage Paxos’ First US Client
Revolut launches crypto buying and selling in 49 US States through Paxos.
British challenger bank Revolut has opened up the world of cryptocurrencies to its US customers. Users in 49 American states, except Tennessee, and are now able to buy and sell bitcoin and ethereum through Revolut. Revolut launched its banking services in the US in March and has now tied up with Paxos Trust Company for its Crypto Brokerage service. (Fintech Zoom)
Paxos Crypto Brokerage
Paxos Trust Company confirmed in a statement that Revolut was its first customer for its crypto brokerage product.
“The digital asset revolution has started and more and more companies like Revolut see it coming,” said Charles Cascarilla, CEO and co-founder, in a statement. “With Paxos Crypto Brokerage, companies can leverage our expertise and regulatory compliance to easily and securely integrate crypto into their applications.”
The Paxos Crypto Brokerage is an API that allows customers to hook up their systems to the cryptocurrency market. These customers could be payment processors, wealth managers, banks, or any tech companies. The facility is similar to a “plug-and-play” service with Paxos being responsible for the backend.
Paxos Trust Company is the first regulated trust company for digital assets in the US.
Revolut integrates with Paxos for cryptos
“We chose Paxos Crypto Brokerage because their turnkey solution is fully compliant and easy to integrate,” said Nik Storonsky, Founder & CEO of Revolut. “Their platform offers the security and liquidity we need to offer our users the best crypto experience.”
Paxos will be the custodian for the crypto assets owned by Revolut US users. It will offer deep liquidity to enable attractive trading prices. While Paxos will manage the licensing and regulatory complexities of the crypto trading operations on behalf of Revolut US, the latter will focus on the customer relationships and user interface.
“It’s clear many firms want to offer crypto but are finding it’s difficult to build the regulatory and technological infrastructure to do that,” said Cascarilla to Fortune in an interview. “This allows anyone, no matter what type of firm they are, to do that.”
Paxos also offers a white-label, US dollar-backed stablecoin as a service. It operates on blockchain technology. More than half $ 1 billion worth of its USD-backed stablecoins were in circulation as of June 2020. Its BUSD stablecoin has been issued in partnership with Binance.
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