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Revolut launches cryptocurrency service in Singapore, allowing customers to buy, hold and sell cryptocurrency instantly through the Revolut app

Revolut launches cryptocurrency service in Singapore, allowing customers to buy, hold and sell cryptocurrency instantly through the Revolut app

  • Revolut provides all its customers Singapore with over 80 tokens available through its app
  • There are no hidden fees in the new Revolut Singapore cryptocurrency service, while flat transaction fees of 2.5% and 1.5% respectively apply to Standard and Premium/Metal plans
  • Revolut plans to launch cryptocurrency training courses for customers of Singapore advancing financial literacy

SINGAPORE, August 4, 2022 /PRNewswire/ — Revolut, the global financial super app with over 20 million customers worldwide, today launched a new cryptocurrency service in Singapore, allowing customers to securely buy, hold, and sell cryptocurrency at the touch of a button. Revolut provides all its customers Singapore with over 80 tokens available through its app.

Revolut does not charge any hidden fees and charges a 2.5% transaction fee for Standard customers and a 1.5% transaction fee for Premium and Metal customers. The exchange process allows customers to convert 27 fiat currencies or gold (XAU) and silver (XAG) into cryptocurrencies in one step, with no exchange fees for transactions within the monthly exchange limit .[1] for each scheme.

There are several ways to buy and sell crypto on Revolut. Clients 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 volatility. Customers can also round up any alternate currency into a cryptocurrency of their choice.

Deepak KhannaHead of Wealth & Trading Revolut Singapore, says the service makes cryptocurrencies more accessible in Singapore“We are very pleased to offer cryptocurrency services to our customers in Singapore responsibly. We plan to provide educational features in the coming months to help customers better understand the trends and risks associated with cryptocurrency. We believe that the strengths of regulation in Singapore and proactive industry engagement are essential to serve customers with the highest standards.”

Emil Urmanshin Crypto General Manager at Revolut, says the service has a lot of benefitsTrying 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 push of a button.”

As part of our goal to be one of the best places to trade and learn about crypto, Revolut also plans to launch cryptocurrency education courses for customers of Singapore in the coming months to advance financial literacy. Revolut believes in broadening access to crypto and also recognizes that it may not be suitable for everyone, which is why the company encourages customers to research the different cryptocurrencies and assess the risks and opportunities before buying or selling.

Revolut is committed to establishing Singapore as one of the cornerstones of its global business and plans to establish several global product centers from here. The clientele of Singapore has increased 6 times since the start of the COVID-19 pandemic, and its revenue rate has more than doubled in the last 12 months.

Risk Disclosure

You need to be convinced that buying crypto is right for you in light of your financial situation and attitude towards risk. Cryptocurrencies are high risk and can be very volatile. The value of your holding could drop to zero, which means you could lose all the money you have invested in cryptocurrency. We make no representations regarding the advisability of transacting in cryptocurrency. We cannot guarantee the timeliness, accuracy or completeness of any data or information used in connection with your exposure to cryptocurrencies.

ABOUT REVOLUT

Revolut is developing the world’s first truly global financial super app to help people get the most out of their money. In 2015, Revolut launched a money transfer and exchange service in the UK. Today, more than 20 million customers worldwide use dozens of innovative Revolut products to complete more than 250 million transactions per month.

Through our app, we help customers access more financial products, give them more control, and seamlessly connect people around the world.

In Singapore, Revolut Technologies Singapore Pte. (“RTS”) has held a Major Payment Institution (“MPI”) license since October 2020 and offers account issuance services, domestic and cross-border money transfer services, and e-money issuance services, which are regulated activities. RTS also offers a precious metals product which is not regulated by the Payment Services Act.

Revolut Securities Singapore Pte. (“RSS”) has held a Capital Markets Services (“CMS”) license since November 2021 and intends to offer its equity trading product from 2022.

www.revolut.com

[1] For Standard users after S$5,000 and Premium users after S$15,000 per month in exchanges, there is a 0.5% exchange fee. Metal users can make unlimited trades at no additional cost.


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