Revolut Introduces Crypto Trading to Singapore Despite Risks of New Restrictions

Revolut has launched a cryptocurrency service in Singapore. Many companies have shown unwavering confidence in the market despite the downturn.

Singapore has lately lacked clarity regarding the restrictions that are supposed to be imposed on the crypto industry.

Some companies were badly hit by the bloodbath, but some continued to push ahead with their expansion plans.

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Recently, BlackRock, the investment management company, collaborated with Coinbase to expand cryptocurrency access to its customers.

In a similar vein, Revolut unveiled its crypto service in Singapore. Along with this, Revolut also plans to increase its workforce by 20%.

At present, the Fintech company has received approval from the monetary authorities of Singapore.

The company mentioned that the exchange process will allow customers to convert 27 fiat currencies, gold or silver to crypto in a single step without any exchange fees.

The fees for the customers are decided according to the level to which they belong.

For example, Standard tier customers will be charged a 2.5% fee per transaction, but a Premium and Metal customer will be charged a 1.5% 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 cryptocurrency.

Plenty of ways to buy and sell crypto on Revolut’s platform

On Revolut, there are several ways to buy and sell digital assets. Clients are allowed to set a stop or limit order as this would mean that they will not be required to time the market.

Clients can also use the recurring purchase feature to average out market volatility. Buyers and sellers will also be able to round up spare coins of their choice.

Emil Urmanshin, Managing Director of Crypto at Revolut, mentioned that there will be a lot of benefits on Revolut’s platform, he said,

Trying to navigate traditional exchanges can be incredibly complex, and this process can often prevent people from gaining access to cryptocurrency. With Revolut, customers can easily exchange fiat currencies for the cryptocurrencies of their choice at the touch of a button.

Revolut offers customers to buy, sell and hold over 80 tokens

Revolut allows investors to hold, buy and sell over 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 as well as the risks associated with crypto trading.

Moreover, Revolut has also gained popularity during the pandemic, which has increased the customer base sixfold and also helped the company double its revenue last year.

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