Lately, more and more mainstream consumer applications are adding digital assets to their offerings – from Square’s Cash app to Robinhood to Facebook’s Novi. We’re proud to announce today that we are powering the crypto solution for a fintech leader and first-mover in this space, Revolut. One of the biggest and fastest growing consumer banking apps in Europe, Revolut took the step of adding crypto to its app in Europe and has been wildly successful. Since opening up in the US, Revolut needed a trusted solution that could manage crypto for US customers, and that’s where Paxos stepped in with our new Crypto Brokerage solution.
Paxos Crypto Brokerage makes it easy for businesses to add cryptocurrency buying, selling, holding and sending capabilities to their applications. Historically, technological complexity and cumbersome regulatory frameworks made it too time- and capital-intensive to offer crypto products. These high barriers to entry are now significantly lowered by our turnkey, API-based solution which embeds the necessary technical and regulatory requirements to offer cryptocurrency assets. This is a low-cost, safe and easy way for companies of all sizes to enable crypto for their customers.
Crypto is currently a growing $200+ billion market, so traditional financial companies are increasingly considering how they can meet the demand for access. Given our experience building financial market infrastructure for digital assets, Paxos is the trusted partner to help non-crypto companies quickly offer crypto at scale.
We’re excited that Revolut US is the first customer to integrate our solution into its product. For Revolut’s end user, crypto assets are simply additional currencies available within a familiar app experience. Our solution helps make the experience seamless.
But we’re even more excited that this enables a major tipping point for the adoption of cryptocurrency. Instead of having to seek out new services and brands, consumers can access crypto through the brands and applications they trust – from fintech apps to banks to brokers to ecommerce brands.
When we started exploring blockchain and cryptocurrency in 2012, we knew it would revolutionize the financial system, but also that it would take a lot of time and patience. We led the way by investing in regulatory approvals, including becoming the first Trust company approved to handle and custody digital assets. We have always prioritized regulation that ensures consumer assets have the highest levels of protection possible, knowing that this would be critical for large financial institutions and brands.
Today marks another huge step in that journey. Now we can help companies with large mainstream audiences answer the demand for digital assets and start exploring their digital financial future.