Revolut has launched a cryptocurrency service in Singapore. Many companies have shown an unwavering belief in the market despite the recession.
Recently, Singapore has lacked clarity on the restrictions that are supposed to be placed on the cryptocurrency industry.
Some companies have been badly affected during the bloodbath, however, some have gone ahead with their expansion plans.
Recently, BlackRock, the investment management firm, collaborated with Coinbase to expand cryptocurrency access to its clients.
Similarly, Revolut has introduced its crypto service in Singapore. Along with this, Revolut also plans to increase its headcount by 20%.
At the moment, the Fintech company has received approval from the Monetary Authorities of Singapore.
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 without any foreign exchange fees.
Rates for clients are decided based on the level to which they belong.
For example, Standard tier customers will be charged a 2.5 per transaction fee, but Premium and Metal customers will be charged a 1.5 percent fee.
Deepak Khanna, Head of Wealth and Commerce at Revolut Singapore, stated:
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 cryptocurrencies on the Revolut platform
At Revolut, there is more than one way to buy and sell digital assets. Clients can set a stop or limit order as it would mean that they would not be required to time the market.
Clients can also use the recurring purchase feature to average market volatility. Buyers and sellers will also be able to round the token swap to their liking.
Emil Urmanshin, General Manager of Crypto at Revolut mentioned that there will be many advantages in the Revolut Platform, he stated,
Trying to navigate traditional exchanges can be incredibly complex, and this process can often prevent people from accessing cryptocurrencies. With Revolut, customers can easily exchange fiat currencies for cryptocurrencies of their choice at the touch of a button.
Revolut offers customers to buy, sell and hold more than 80 tokens
Revolut allows investors to hold, buy, and sell more than 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 along with the risks associated with crypto trading.
In addition, Revolut also gained considerable popularity during the pandemic, increasing the customer base sixfold and also helping the company to double its revenue in the last year.