Revolut introduces crypto trading in Singapore despite chances of new restrictions

Revolut has launched a cryptocurrency service in Singapore. Many firms have portrayed unwavering faith in the market despite the downturn.

Singapore has recently lacked clarity regarding the restrictions intended to be imposed on the crypto industry.

Some companies have been hit hard during the carnage, but some have continued to press ahead with their expansion plans.

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

Similarly, Revolut has unveiled its crypto service in Singapore. Along with this, Revolut also plans to increase the number of employees by 20%.

Currently, the Fintech company has received approval from the 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 one step with no exchange fees.

The fees for customers are determined based on which level they belong to.

For example, customers in the standard tier will be charged a fee of 2.5 percent per transaction, but a Premium and metal customer will be charged a fee of 1.5 percent.

Deepak Khanna, Head of Wealth and Commerce at Revolut Singapore stated,

We plan to offer educational features in the coming months to help customers better understand the trends and risks associated with cryptocurrency

Many ways to buy and sell crypto on Revolut’s platform

On Revolut, there is more than one way to buy and sell digital assets. Customers are allowed to place a stop or limit order, as this will mean that they are not required to time the market.

Customers can also use the repeat purchase feature to calculate the volatility of the market. Buyers and sellers will also be able to round up reserve exchange of tokens to their liking.

Emil Urmanshin, Crypto General Manager at Revolut mentioned that there will be many benefits on Revolut’s platform, he said,

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

Revolut offers customers to buy, sell and hold more than 80 tokens

Revolut allows its investors to hold, buy and sell over 80 tokens through its app. The fintech company also plans to expand educational services to its users that will help them gain a better understanding of the overall industry.

Revolut intends to focus on the market trends along with risks associated with crypto trading.

In addition, Revolut has also gained significant popularity during the pandemic which has shot up its customer base by six times and also helped the company double its revenue in the past year.