Revolut Debuts Cryptocurrency Trading in Singapore
Revolut, a FINTECH firm, has debuted a cryptocurrency trading platform in Singapore, enabling customers to purchase, store, and trade more than 80 crypto tokens via its app. According to Revolut, the exchange mechanism allows consumers to swap 27 fiat currencies, in addition to gold, or silver into cryptos in a single step without any foreign exchange conversion costs.
Customers’ expenses are determined by the level they are in. Those in the Standard tier pay a 2.5 percent processing fee, while clients in the Premium and Metal tiers pay a 1.5 percent cost.
“We intend to introduce instructional tools in the coming months to assist clients better grasp the patterns and dangers connected with cryptocurrencies,” said Deepak Khanna, chief of wealth and trading at Revolut Singapore. We feel that Singapore’s regulatory capabilities and aggressive industry participation are critical to providing high-quality service to customers.”
The firm announced in April that it had gotten preliminary authorization from the Singapore Monetary Authority to offer digital payment token facilities under the Major Payment Institution permit.
Revolut aims to open numerous global product centers in Singapore. Its clientele in the city-state has risen sixfold since the Covid-19 outbreak began, and its sales run rate has over quadrupled in the last year, according to the business.