British Fintech Revolut launches crypto trading service in Singapore

U.K.-based financial superapp, Revolut, has reportedly launched a cryptocurrency service in Singapore, which allows customers to securely trade and hold cryptocurrencies with the click of a button.

Notably, Revolut is offering more than 80 of its available tokens, via its app, to all customers in Singapore.

It will also launch educational courses for its Singapore customers over the coming months as part of its strategy to become the best platform to trade and gain knowledge about cryptocurrency. According to sources, the app will charge a transaction fee of 2.5% for standard customers and 1.5% for premium and metal customers for the new service.

Through this exchange process, any 27 fiat currencies, or silver (XAG) and gold (XAU) would be convertible into cryptocurrencies in a single step, without foreign exchange fees for transactions up to the monthly exchange limit1 for each plan.

With several ways to trade cryptocurrency on Revolut, customers can utilize the recurring buy feature to smooth out volatility or set up a stop or limit order, to avoid timing the market.

It is also revealed that the customers can round up any spare change as per their preferred cryptocurrency.

Revolut Singapore’s Head of Wealth and Trading, Deepak Khanna, stated that the new service will make cryptocurrencies easily accessible in Singapore.

While claiming that navigation of traditional exchanges can be an extremely complex process as it prevents people from accessing cryptocurrency, Deepak further mentioned that customers can now easily exchange or trade fiat currencies for their preferred cryptocurrencies with a click using Revolut.

Sources also report that Revolut intends to make Singapore a cornerstone of its global business by establishing several global product hubs from the country.

It is worth noting that Singapore’s clientele has grown sixfold since the start of COVID-19 pandemic, and its revenue run rate has doubled in the last year.

For the record, over 20 million Revolut customers use its innovative products to perform over 250 million transactions every month.

 

Source – https://technode.global/2022/08/04/united-kingdoms-revolut-launches-cryptocurrency-service-in-singapore/

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