Revolut, a London-based fintech company boasting more than 20 million customers worldwide, on Thursday (August 4) launched a new cryptocurrency service in Singapore, enabling customers to securely buy, hold and sell cryptocurrencies with the tap of a button.
This comes as regulators are considering introducing additional restrictions on crypto-related activities in the city-state to protect consumers and retail investors.
The company says it is committed to establishing Singapore as one of the cornerstones of its global business and plans to establish several global product hubs from the country. “We believe the regulatory strengths in Singapore and proactive industry engagement are key to serving clients with the highest standards,” says Deepak Khanna, head of wealth and trading, Revolut Singapore.
Revolut is providing customers in Singapore with more than 80 tokens via its app. Its exchange process allows customers to convert any of 27 fiat currencies, gold or silver into cryptocurrencies in one easy step, with no foreign exchange fees for transactions within the monthly exchange limit for each plan. It applies a 2.5% transaction fee for Standard customers and a 1.5% transaction fee for Premium and Metal customers.
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 cryptocurrency of their choice.
Revolut also plans to launch educational courses on cryptocurrency for customers in the coming months to advance financial literacy. While seeking to widen access to crypto, the firm says the asset class may not be appropriate for everyone; it encourages customers to research the various cryptocurrencies and evaluate the risks and opportunities before buying or selling.
Its customer base in Singapore has grown sixfold since the onset of the Covid-19 pandemic, and its revenue run rate has more than doubled in the past 12 months.