Revolut has launched a cryptocurrency service in Singapore. Many companies have shown unwavering faith in the market despite the recession.
Singapore has recently lacked clarity regarding the restrictions it is supposed to impose on the crypto industry.
Some companies have been hit hard during the bloodbath, however, some have continued to move forward with their expansion plans.
Recently, BlackRock, the investment management company partnered with Coinbase to expand access to cryptocurrencies to its customers.
In the same vein, Revolut unveiled its crypto service in Singapore. Along with this, Revolut also plans to increase its headcount by 20%.
The Fintech company is currently approved by the Monetary Authority of Singapore.
The company said the exchange process will allow customers to convert 27 fiat currencies, gold or silver to crypto in a single step without any exchange fees.
Fees for customers are decided based on the tier they belong to.
For example, Standard tier customers will be charged a 2.5 per transaction fee, but a Premium and Metal customer will be charged a 1.5 percent fee.
Deepak Khanna, Head of Wealth and Commerce at Revolut Singapore said,
We plan to provide educational features in the coming months to help customers better understand the trends and risks associated with cryptocurrencies
Many ways to buy and sell crypto on the Revolut platform
At Revolut, there is more than one way to buy and sell digital assets. Customers are allowed to set a stop or limit order as this would mean they would not be required to time the market.
Clients can also use the Repeat Purchase feature to average market volatility. Buyers and sellers will also be able to round up additional token change of their liking.
Emil Urmanshin, General Manager of Crypto at Revolut mentioned that there will be many advantages to Revolut’s platform, he said,
Trying to navigate traditional exchanges can be incredibly complicated, and this process can often turn people off from accessing cryptocurrencies. With Revolut, customers can easily exchange fiat currencies to the cryptocurrencies of their choice at the click of a button.
Revolut offers customers to buy, sell and hold more than 80 tokens
Revolut allows investors to hold, buy and sell over 80 tokens through its app. The Fintech company also plans to extend educational services to users that will help them better understand the overall industry.
Revolut intends to focus on market trends along with the risks associated with cryptocurrency trading.
In addition, Revolut has also gained significant popularity during the pandemic, which has seen its customer base jump sixfold and also helped the company double its revenue in the last year.