Revolut has launched a cryptocurrency service in Singapore. Many companies portrayed a firm belief in the market despite the economic downturn.
Singapore has recently been lacking clarity regarding the restrictions that are supposed to be imposed on the cryptocurrency industry.
Some companies were severely affected during the bloodbath, however, some continued to move forward with their expansion plans.
Recently, BlackRock, an investment management firm, teamed up with Coinbase to expand access to cryptocurrencies for its clients.
Along the same lines, Revolut unveiled the crypto service in Singapore. Besides, Revolut is also planning to increase its headcount by 20%.
Currently, Fintech has received approval from the Singaporean monetary authorities.
The company stated that the exchange process will allow customers to convert 27 fiat currencies, gold or silver into crypto in just one step without any foreign exchange fees.
Customer fees are determined based on the class they belong to.
For example, standard tier customers will be charged 2.5 per transaction, but premium and metal customers will be charged 1.5 percent.
Deepak Khanna, Head of Wealth and Commerce at Revolut Singapore, stated,
We plan to provide educational features in the coming months to help customers better understand the trends and risks associated with cryptocurrency
Many ways to buy and sell cryptocurrencies on the Revolut platform
At Revolut, there is more than one way to buy and sell digital assets. Clients are allowed to set a stop or limit order as this means that they will not be required to market timing.
Customers can also use the frequent purchase feature to reduce volatility in the market. Buyers and sellers will also be able to round coins to their liking.
Emil Urmanchen, General Manager Crypto at Revolut stated that there will be a lot of advantages on the Revolut platform,
Attempting to navigate traditional methods of exchange can be incredibly complicated, and this process can oftentimes exclude people from accessing cryptocurrencies. With Revolut, customers can easily exchange fiat currencies of their choice of cryptocurrency with the click of a button.
Revolut offers customers to buy, sell and own more than 80 tokens
Revolut allows investors to own, buy and sell more than 80 tokens via its app. Fintech is also planning to expand educational services to users which will help them get a better understanding of the industry in general.
Revolut intends to focus on market trends as well as the risks associated with dealing in cryptocurrencies.
In addition to this, Revolut also gained huge popularity during Pandemic which increased the customer base by six times and also helped the company get double revenue in the last year.