Revolut introduced immediately (August 4) the launch of its cryptocurrency service in Singapore, which is on the market from immediately onwards.
The new cryptocurrency service will enable Revolut’s prospects to purchase, maintain, and promote cryptocurrencies inside its app, and can present entry to greater than 80 completely different tokens.
In addition to the fundamental capabilities of shopping for and promoting cryptocurrencies, prospects will be capable to arrange a cease or restrict order, or use the app’s recurring ‘buy’ characteristic to common out market volatility.
The app can even supply budgeting options, procuring rewards, and peer-to-peer funds, amongst different capabilities.
Revolut believes in simplifying cash administration via a single app. Rather than having 5 completely different apps that each one do various things, Revolute aspires to be a hub for somebody to handle their total monetary life in one place.
– Deepak Khanna, Head of Wealth and Trading, Revolut Singapore
As such, Revolut’s crypto providers will merely be certainly one of many providers that the corporate will supply, and the corporate’s crypto providers might be built-in with its current providers.
Customers will be capable to change 27 completely different fiat currencies, gold, or silver, into cryptocurrencies with out international change charges, inside limits.
The firm has additionally promised that there are not any hidden charges in the brand new service, with flat transaction charges of two.5 per cent for normal plan prospects, and 1.5 per cent for premium and steel plan prospects.
However, Revolut has not specified which cryptocurrencies prospects will be capable to commerce via the app, and declined to touch upon how these cryptocurrencies are chosen.
Beyond enabling crypto trading
Revolut can even be launching instructional programs for purchasers who want to make investments in cryptocurrencies.
According to Khanna, these programs might be quick and free, and are supposed to “help customers become more familiar with crypto concepts.”
However, Revolut has additionally famous that for now, programs will solely function a place to begin for purchasers hoping to get into the cryptocurrency world.
It is necessary to know the developments, dangers, and potential alternatives related to any monetary services or products, cryptocurrencies included. Though cryptocurrencies have gotten more and more well-liked, it can be crucial that customers perceive the pitfalls related to it, so making training on it more and more necessary.
We hope the programs empower our prospects to make the most effective monetary selections they’ll, and encourage an urge for food to be taught extra about crypto, and different monetary merchandise.
– Deepak Khanna, Head of Wealth and Trading, Revolut Singapore
He additionally promised that there are extra options underway, together with extra programs on cryptocurrencies that cowl deeper subjects in cryptocurrency.
Separately, the Monetary Authority of Singapore (MAS) has repeatedly expressed concern that cryptocurrencies usually are not appropriate for retail buyers, and has been imposing restrictions on what crypto firms can do to promote their providers.
As not too long ago as final month, MAS has hinted that newer laws are in the works, masking points equivalent to shopper safety, market conduct, and reserve backing for stablecoins.
Khanna cautioned that “crypto may [indeed] not be suitable to all”, however the firm intends to assist anybody in cryptocurrencies to find out about them, and plans to design Revolut’s crypto providers to be accessible in a seamless method.
Revolut’s plans for the longer term
The international fintech startup acquired its in-principle approval from MAS to supply cryptocurrency providers in Singapore in April this 12 months.
The firm had beforehand obtained a licence as a Major Payment Institution in Singapore, in addition to a Capital Markets Services licence.
Revolut has additionally reportedly seen its buyer base in Singapore develop six-fold because the onset of the COVID-19 pandemic, with its income run charge greater than doubling in the previous 12 months.
As one of many firms that has been weathering the crypto winter comparatively properly, Revolut employed 43 crypto workers globally in the primary half of the 12 months. These hires included specialists for the corporate’s international ambitions, in addition to monetary crime prevention and compliance groups.
According to Khanna, the corporate remains to be recruiting for crypto roles, together with for crypto compliance and professionals with crypto expertise working in authorized fields.
Revolut has additionally chosen Singapore as a cornerstone of its international enterprise, and plans to determine international product hubs from Singapore. When requested why Singapore was chosen, Khanna elaborated that Singapore’s pro-business atmosphere and cosmopolitan workforce, have been among the many causes for his or her selection.
This is in line with feedback from Sid Jajodia, Chief Banking Officer at Revolut, who has beforehand acknowledged that for crypto firms, “Singapore is the clear winner with wide-ranging support from government agencies, regulatory strengths, and proactive industry engagement.”
As such, Revolut sees Singapore as a spot the place fintech startups like them can thrive whereas offering utility to Singapore.
“We believe the regulatory strengths in Singapore and proactive industry engagement are key to serving clients with the highest standards. It is an ideal environment for innovation and the growth of fintech firms,” Khanna concluded.
Featured Image Credit: Revolut
