Revolut has launched a cryptocurrency service in Singapore. Despite the downturn, many companies have shown strong belief in the market.
Singapore has recently lacked clarity on the restrictions that the crypto industry should impose.
Some companies were badly affected in the bloodbath, but others continued to press ahead with their expansion plans.
More recently, investment management firm BlackRock partnered with Coinbase to extend cryptocurrency access to its clients.
Likewise, Revolut launched its crypto service in Singapore. At the same time, Revolut also plans to increase the number of employees by 20%.
Currently, the fintech company has been approved by the Monetary Authority of Singapore.
The company mentioned that the exchange process will allow customers to convert 27 fiat currencies, gold or silver into cryptocurrencies in one step without paying any foreign exchange fees.
Fees for customers are determined based on the tier they belong to.
For example, customers in the Standard tier should pay a 2.5% fee per transaction, but Premium and Metal customers will be charged a 1.5% fee.
Deepak Khanna, head of wealth and trading at Revolut Singapore, said,
We plan to offer educational features in the coming months to help clients better understand trends and risks associated with cryptocurrencies
The many ways to buy and sell cryptocurrencies on the Revolut platform
There is more than one way to buy and sell digital assets on Revolut. Clients can place stop or limit orders as this means they do not need to time the market.
Customers can also use the recurring buying feature to average out market fluctuations. Buyers and sellers can also collect their preferred change.
Emil Urmanshin, general manager of cryptocurrencies at Revolut, mentioned that Revolut’s platform will have many advantages, saying,
Trying to bypass traditional exchanges can be very complicated, and the process often prevents people from accessing cryptocurrencies. With Revolut, customers can easily exchange fiat currency for the cryptocurrency of their choice at the touch of a button.
Revolut offers customers the opportunity to buy, sell and hold over 80 tokens
Revolut allows investors to hold, buy and sell more than 80 tokens through its app. The fintech company also plans to expand educational services to users, which will help them better understand the industry as a whole.
Revolut intends to focus on market trends and risks associated with crypto trading.
Additionally, Revolut has also gained considerable popularity during the pandemic, growing its customer base sixfold and helping the company double its revenue in the last year.