- The Revolut platform offers 80 tokens for trading.
- In upcoming months the firm wants to provide educational features to help the users.
The Monetary Authority of Singapore (MAS), which regulates Revolut Technologies Singapore Pte. Ltd. as a major payment institution, has launched a cryptocurrency service in Singapore that enables users to buy, hold, and trade more than 80 tokens using its app.
Head of wealth and trade at Revolut Singapore, Deepak Khanna, said:
“In order to assist users better grasp the trends and risks related with cryptocurrencies, we intend to offer educational tools in the upcoming months. We think that Singapore’s regulatory expertise and proactive industry interaction are important to provide clients with services that meet the highest standards.”
Services by Revolut :
Revolut has stated that the exchange process lets the customers convert 27 fiat currencies, gold or silver into cryptocurrency in one step without any foreign exchange.
The Revolut mobile app, according to the company’s new service. With a transaction cost of 1.5 percent for quality and metal customers and a fee of 2.5 percent for standard users, the platform provides more than 80 tokens for trading. Standard and premium customers who do more than SG$5,000 and S$15,000 in transactions per month, respectively, would be charged an additional 0.5% exchange fee. Customers who purchase metal can exchange as many times as they like without paying an extra price.
Revolut stated that it intended to set up multiple international product hubs in Singapore. Since the start of the Covid-19 pandemic, the company’s customer base in the city-state has increased sixfold, and in the last 12 months, its revenue run rate has more than doubled.
In recent days Singapore is more focused on the crypto industry. The MAS in Singapore has begun a stablecoin consultancy to guide the people about the crypto risks and other things related to crypto.
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