Revolut Singapore Launches Crypto Services, More Than 80 Tokens Now Available

Global financial superapp Revolut has launched its new cryptocurrency service in Singapore, enabling customers to securely buy, hold and sell cryptocurrencies. There are more than 80 tokens available via its app.

Revolut had secured in principal approval from the Monetary Authority of Singapore in April this year to operate a fully regulated cryptocurrency service.

There are several ways to buy and sell crypto on Revolut. 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. They can also round up any spare change in a cryptocurrency of their choice.

Revolut said that it does not apply any hidden fees and applies a 2.5% transaction fee for Standard customers and a 1.5% transaction fee for Premium and Metal customers.

The exchange process enables customers to convert any 27 fiat currencies or Gold (XAU) and Silver (XAG) into cryptocurrencies, with no foreign exchange fees for transactions within the monthly exchange limit for each plan.

Revolut also plans to launch educational courses on cryptocurrency for customers in Singapore in the coming months to advance financial literacy.

The firm reported that its customer base in Singapore has grown 6-fold since the onset of the COVID-19 pandemic, and its revenue run rate has more than doubled in the past 12 months.

Deepak Khanna

Deepak Khanna, Head of Wealth and Trading Revolut Singapore said,

“We’re very excited to bring cryptocurrency services to our customers in Singapore in a responsible manner. We plan to provide educational features in the coming months to help customers better understand the trends and risks associated with cryptocurrency.

We believe the regulatory strengths in Singapore and proactive industry engagement are key to serving clients with the highest standards.”

Emil Urmanshin Crypto General Manager at Revolut said,

“Trying to navigate your way around traditional exchanges can be incredibly complex, and this process can often exclude people from getting access to cryptocurrency.

With Revolut, customers can easily exchange fiat currencies to their choice of cryptocurrencies with the tap of a button.”