Revolut has launched a cryptocurrency service in Singapore. Many firms have depicted unwavering belief in the market despite the downturn.
Singapore recently has been lacking clarity in terms of the restrictions that are supposed to be imposed in the crypto industry.
Some companies have been severely affected during the bloodbath, however, some have continued to move forward with their expansion plans.
Recently, BlackRock, the investment management company collaborated with Coinbase to extend cryptocurrency access to its clients.
In the similar vein, Revolut has unveiled its crypto service in Singapore. Along with this, Revolut also plans to increase their headcount by 20%.
At the moment, the Fintech company has received approval from Singapore Monetary Authorities.
The company has mentioned that the exchange process will allow customers to convert 27 fiat currencies, gold or silver into crypto in just a step without any foreign exchange fees.
The fees for customers are decided on the basis of which tier they belong to.
For instance, customers in the Standard tier shall be charged a 2.5 per transaction fee, but a Premium and Metal customer will be charged a 1.5 per cent fee.
Deepak Khanna, Head of wealth and trading 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
On Revolut, there are more than one way to buy and sell digital assets. The customers are allowed to set a stop or limit order as it would mean that they will not be required to time the market.
Customers can also use the Recurring Buy feature to average out the volatility in the market. Buyers and sellers will also be able to round up spare change of token of their liking.
Emil Urmanshin, Crypto General Manager at Revolut mentioned that there will be a lot of advantages on Revolut’s Platform, he stated,
Trying to navigate your way around traditional exchanges can be incredibly complex, and this process can often exclude people from getting access to cryptocurrency. With Revolut, customers can easily exchange fiat currencies to their choice of cryptocurrencies with the tap of a button.
Revolut allows the investors to hold, buy and sell over 80 tokens via its app. The Fintech company also plans on extending educational services to the users which will help them receive better understanding of the overall industry.
Revolut intends to focus on the market trends along with risks that are associated with dealing in crypto.
Additionally, Revolut also has gained considerable popularity during the Pandemic which has shot up the customer base by six times and also helped the company receive double revenue in the last year.
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