Revolut Will Change Its Crypto Partner Paxos In September 2022

Revolut will change its crypto partner Paxos this September 2022 in order to allow cryptocurrency deposits, withdrawals, and staking, as parts of its services. During the transition from Paxos to their new partner, Revolut, the London-based company, will put a halt to cryptocurrency trading.

Revolut Will Change Its Crypto Partner Paxos With Apex Crypto

British Neobank is looking for a new cryptocurrency service partner, according to unnamed sources, Revolut will stop working with Paxos, a blockchain infrastructure platform, by September 2022. The finance company will collaborate with Apex Crypto as an alternative.

The cryptocurrency portal Apex Crypto offers services for buying, selling, and investing in digital assets. The business has already formed partnerships with a number of fintech companies, including Public.com, Titan, Webull Pay, and Titan.

The fintech client is able to process cryptocurrency deposits and withdrawals for its consumers thanks to these agreements, who all use Apex as payment processors. In March, Apex also obtained a BitLicense in New York.

After the consumer banking app debuted in the US market in July 2020, Revolut signed a partnership agreement with Paxos. This allowed Revolut clients in the United States to purchase, sell, transfer, and keep cryptocurrencies using the fintech company’s app, initially starting with bitcoin (BTC) and ether (ETH).

Revolut will disable the cryptocurrency trading option during the transition to Apex, the company said in an email to customers, noting that account balances won’t be impacted. Additionally, the Neobank U.S. division plans to support 25 additional tokens on its platform after the transition.

Revolut is attempting to stop cryptocurrency peer-to-peer (P2P) transfers during and after the transition to Apex, at least until further notice. The company wrote in an email:

“This was a tough decision, but one we had to make as a preemptive measure to ensure that the process is completed successfully. We’re working hard to enable this feature again in the near future.”

Finance Companies Keep Adding Crypto Infrastructure Businesses

While Revolut switches between several crypto partners, the practice of fintech and finance corporations teaming up with crypto-native businesses is still on the rise. Despite the adverse market circumstances that have persisted until 2022, this momentum is increasing.

Major banking institutions have already shown interest in Paxos’ blockchain settlement system. The stablecoin issuer’s blockchain settlement rails are already being used by companies including Bank of America and Credit Suisse. In spite of Singapore’s recent tightening of its crypto rules, Paxos has also obtained regulatory permission there.

In April, Circle, another stablecoin issuer, teamed up with the world’s largest asset manager, BlackRock, to handle the cash reserves that support USDC. Circle has also been in the news lately for restricting funds movement from Tornado Cash.