Popular European fintech company Revolut has just announced in a press release it has partnered with New York-based crypto startup Paxos to launch crypto trading services in the US, The Block reports.
Revolut will use the newly launched Paxos Crypto Brokerage service, a new product offering that allows companies to integrate crypto buying, holding and selling capabilities into their own applications. Specifically, Paxos will handle all regulatory compliance and technical aspects of the service, while Revolut will provide the service directly to customers.
The partnership will allow Revolut to offer its services in all jurisdictions where Paxos' license allows so. In addition, the collaboration between both companies will allow Revolut not to rely on market makers or exchanges to find liquidity.
Revolut is the first customer of Paxos' new service, however, other companies in the industry will probably join it as well.
The launch of crypto-related services usually leads to a significant increase of the valuations of the companies involved. For example, Revolut's market cap soared when it rolled out its crypto services in Europe.
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