Neobank Revolut will drop Paxos in favor of a new crypto provider

Neobank Revolut will drop Paxos in favor of a new crypto provider

According to two sources familiar with the matter, the US branch of the digital banking platform changes its main tester for cryptocurrency services.

Revolut taps the apex crypto based in Chicago, said the sources, and moved away from Paxos. The change should come into force at the beginning of September.

An email sent to customers on Tuesday and confirmed by Blockworks describes, as Revolut intends to migrate from the cryptofirma Paxos licensed by the New York State Department of Financial Services at the beginning of September.

Revolut later sent an email to the customers in which the change in custody was confirmed and said that the assets are transferred on-chain. According to the email, interruptions of the crypto trade are expected to take a few hours a day.

A more than two -year partnership with Paxos ends up, which paved the way to offer the app to offer crypto for customers in the USA, who initially debuted with Bitcoin and Ether. Paxos with headquarters in New York is a financial institution and technology company that includes crypto brokerage, asset tokenization and processing services.

Revolut, a financial super app that serves 15 million customers in 29 countries, was introduced in the US href = "https://twitter.com/revolutap/status/1241340030801536?s=20&t=N433Q2SYIEQYIAC3JQ25BBA"> March 2020 .

"We look forward to the partnership with Apex Crypto LLC to offer you and the Revolut community a broader and better access to crypto," wrote Revolut in the email.

representatives of all three companies rejected a statement.

The company competes to add another 25 tokens to its platform, which is his

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