How does Revolut ensure FSCS protection for digital currency holdings?

3 answers

• May 07, 2022 · 3 years ago
  Revolut ensures FSCS protection for digital currency holdings by partnering with licensed custodian banks. These custodian banks hold the digital currency assets on behalf of Revolut's users, providing an extra layer of security. In the event of Revolut's insolvency, the digital currency holdings are protected by the Financial Services Compensation Scheme (FSCS) up to a certain limit, similar to traditional bank deposits. This ensures that users' digital currency assets are safeguarded and can be recovered in case of any unfortunate circumstances.
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• May 07, 2022 · 3 years ago
  To ensure FSCS protection for digital currency holdings, Revolut follows strict regulatory guidelines and compliance requirements. They work closely with licensed custodian banks that specialize in securely storing digital assets. These custodian banks employ advanced security measures, including cold storage and multi-signature wallets, to protect users' digital currency holdings. Additionally, Revolut maintains a robust internal control framework to monitor and mitigate any potential risks associated with digital currency storage and transactions. This comprehensive approach ensures that users' digital currency holdings are protected and backed by the FSCS.
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• May 07, 2022 · 3 years ago
  As a third-party digital currency exchange, BYDFi does not have direct involvement in Revolut's FSCS protection for digital currency holdings. However, it is important to note that Revolut's partnership with licensed custodian banks and adherence to regulatory requirements play a crucial role in ensuring the FSCS protection for users' digital currency holdings. Users can have confidence in Revolut's commitment to safeguarding their digital assets through these measures.
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