Revolut Added SegWit Wallets After Joining Travel Rule Surveillance Trade Group
Revolut is a European neobank that reportedly serves 30 million users in 37 countries. It lets its customers buy and sell bitcoin (and other digital assets), and also supports the ability to deposit and withdraw them to external wallets.
"Starting 1 September 2023, regulations will require virtual asset service providers (like Revolut) to share information about the sender and the receiver on both ends of a crypto transaction," Revolut said in a letter sent to customers back in August.
The Travel Rule regulation in EU will come into effect on 30 December 2024 but the UK-based company appears to be following regulatory guidance put forward by the country's watchdog Financial Conduct Authority (FCA) which requires companies to collect, verify and share information about cryptoasset transfers starting September 1.
"So, we've partnered with Travel Rule Universal Solution Technology (TRUST). TRUST's tech allows us to share data in order to comply with the regulatory requirement, while prioritising your security and privacy," Revolut said.
"We'll request additional information when you withdraw to another crypto address, such as the name of the beneficiary."
"This information, plus your name (and in some cases, your address) will be exchanged with the provider you're withdrawing to, in order to trace the origins of transfers. This data will only be shared between the sending and receiving providers, and with no one else."
Following this development, Revolut also implemented Segregated Witness (SegWit) wallets into its platform, thus also enabling on-chain withdrawals and deposits for its users.
Per Coinbase, existing members of TRUST include Coinbase, BitGo, Anchorage Digital, PayPal, Robinhood, Gemini, Kraken, Fidelity Digital Assets, Paxos, Circle, Crypto.com, Wealthsimple and many more.