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Neobank Revolut will drop Paxos in favor of a new crypto provider
Revolut plans to move away from its current crypto provider in early September, when the company will offer "broader and better access" to crypto The company is vying to add another 25 tokens to its platform, bringing the total to 100 after migrating to Apex Crypto. The U.S. arm of the digital banking platform is changing its primary auditor for cryptocurrency services, according to two sources familiar with the matter. Revolut is tapping Chicago-based Apex Crypto, the sources said, and moving away from Paxos. The change is scheduled to come into effect at the beginning of September. An email sent to customers on Tuesday and confirmed by Blockworks describes how...
Neobank Revolut will drop Paxos in favor of a new crypto provider
- Revolut plant, Anfang September von seinem derzeitigen Krypto-Anbieter abzurücken, wenn das Unternehmen einen „breiteren und besseren Zugang“ zu Krypto anbieten wird
- Das Unternehmen wetteifert darum, seiner Plattform weitere 25 Token hinzuzufügen, wodurch sich die Gesamtzahl nach der Migration zu Apex Crypto auf 100 erhöht
The U.S. arm of the digital banking platform is changing its primary auditor for cryptocurrency services, according to two sources familiar with the matter.
Revolut is tapping Chicago-based Apex Crypto, the sources said, and moving away from Paxos. The change is scheduled to come into effect at the beginning of September.
An email sent to customers on Tuesday and confirmed by Blockworks details how Revolut plans to migrate from New York State Department of Financial Services-licensed crypto firm Paxos in early September.
Revolut later sent an email to customers confirming the custody change and said the assets would be transferred on-chain. Crypto trading disruptions are expected to last a few hours a day, according to the email.
It ends a more than two-year partnership with Paxos that paved the way for the app to offer crypto to customers in the US, initially debuting with Bitcoin and Ether. Headquartered in New York, Paxos is a financial institution and technology company that includes crypto brokerage, asset tokenization and settlement services.
Revolut, a financial super app that serves 15 million customers in 29 countries, has launched in the US March 2020.
“We are pleased to partner with Apex Crypto LLC to provide you and the Revolut community with broader and better access to crypto,” Revolut wrote in the email.
Representatives from all three companies declined to comment.
The company is vying to add another 25 tokens to its platform, which is its total to 100, after migrating to Apex. Apex is a broker-dealer that provides execution, settlement and custody as a service through its turnkey solutions platform.
Revolut also said it would enable crypto withdrawals, deposits and staking “in the near future.” Users can currently buy, hold, sell and transfer crypto peer-to-peer through the app.
Crypto peer-to-peer transfers will be temporarily suspended during and after the migration until further notice, the neobank said.
“This was a difficult decision, but one we had to take as a preventative measure to ensure the process is completed successfully,” Revolut said in its email, referring to peer-to-peer transfers. “We are working hard to re-enable this feature in the near future.”
Polygon (MATIC) purchases for New York State residents will be temporarily disabled following migration to comply with local regulations.
Users can opt out of the migration process by closing their positions and liquidating their assets at the current prevailing market rates by authorizing Paxos to do so.
During the migration, customers will not be able to buy or sell their digital assets while the crypto section of the app remains hidden. According to the email, account balances remain unaffected.
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The post “Neobank Revolut to Dump Paxos in Favor of New Crypto Provider” is not financial advice.