Revolut, the global financial superapp with more than 20 million customers worldwide, has launched a new cryptocurrency service in Singapore, enabling customers to securely buy, hold and sell cryptocurrencies with the tap of a button. Revolut is providing all customers in Singapore with more than 80 tokens available via its app.
Revolut does not apply any hidden fees and applies a 2.5% transaction fee for Standard customers and a 1.5% transaction fee for Premium and Metal customers. The exchange process enables customers to convert any 27 fiat currencies or Gold(XAU) and Silver(XAG) into cryptocurrencies in one easy step, with no foreign exchange fees for transactions within the monthly exchange limit1 for each plan.
There are several ways to buy and sell crypto on Revolut. Customers can set up a stop or limit order so they don’t have to time the market, or use the Recurring Buy feature to average out volatility. Customers can also round up any spare change in a
Deepak Khanna, Head of Wealth & Trading Revolut Singapore, says the service makes cryptocurrencies more accessible in Singapore: “We’re very excited to bring cryptocurrency services to our customers in Singapore in a responsible manner. We plan to provide educational features in the coming months to help customers better understand the trends and risks associated with cryptocurrency. We believe the regulatory strengths in Singapore and proactive industry engagement are key to serving clients with the highest standards.”
Emil Urmanshin Crypto General Manager at Revolut, says the service has a lot of advantages “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.”
As part of our goal to be one of the best places to trade and learn about crypto, Revolut also plans to launch educational courses on cryptocurrency for customers in Singapore in the coming months to advance financial literacy. Revolut believes in widening access to crypto and also recognises that it may not be appropriate for everyone, so the company encourages customers to research the various cryptocurrencies and evaluate the risks and opportunities before buying or selling.
Revolut is committed to establishing Singapore as one of the cornerstones of its global business and plans to establish several global product hubs from here. The customer base in Singapore has grown 6-fold since the onset of the COVID-19 pandemic, and its revenue run rate has more than doubled in the past 12 months.
1 For Standard users after S$5,000, and Premium users after S$15,000 per month in exchanges, there is a 0.5% exchange fee. Metal users can make unlimited exchanges with no additional fee.
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