Revolut exits cryptocurrency provider serving Nubank and Mercado Pago

Revolut is a neobank operating mainly in Europe.

Digital bank Revolt is set to swap Paxos, the same cryptocurrency provider that provides custody services to NuBank and Mercado Pago, for Apex Crypto, a Chicago-based company with more business options. How to sell your cryptocurrencies and transfer the money to a BanColumbia account or another bank.

According to the Blockworks website, Revolut circulated an email among customers about the partnership exchange. This change has been confirmed by those in the know.

Nubank Cripto, the new Nubank solution that allows buying and selling of cryptocurrencies.

The website claims to have access to the contents of the email, an excerpt of which reads: “We are excited to partner with Apex Crypto LLC to bring broader and better access to crypto to you and the Revolut community.”

The message says that the migration day should disrupt negotiations for a few hours and that it will provide a cryptocurrency staking service in the near future. Currently, users can buy, hold, sell and exchange seven cryptocurrencies through P2P trading.

A new partnership with Apex Crypto will enable trading of 20 more tokens in addition to Bitcoin (BTC) and Ethereum (ETH). However, users can opt out of the migration process by closing their positions and liquidating their assets.

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The relationship with Paxos ended

If the change of provider is confirmed, Revolut, which claims to have 20 million customers in 36 countries, ends its more than two-year partnership with Paxos. How the Revolut App Offers Cryptocurrency to U.S. Consumers, a cryptocurrency service that operates in accordance with the regulations of the New York State Department of Financial Services.

Revolut is a digital banking app that quickly caught on in Europe, but is still unknown in the US, having launched in March 2020.

Revolut, Paxos and Apex have not made any official announcements at the time of writing. According to Blockworks, there was no response from the parties when requested for comment.

In partnership with Paxos, Brazil’s largest digital bank, Nubank launched Bitcoin and Ethereum purchases on its app in June this year. In the same month, Mercado Pago, which has allowed the purchase of cryptocurrencies on its app since the end of 2021, started crypto transfers between accounts on the platform. Despite this, Mercado Pago, like Nubank, does not allow users to withdraw their cryptocurrencies from the application.