Revolut, a British Fintech company, has launched a digital currency trading platform in Singapore.
As reported by the Business Times of Singapore, the platform’s users will now be able to buy, sell and hold as many as 80 different digital currencies.
After receiving in-principle approval from the Monetary Authority of Singapore in April, the London-based fintech companies received the launch of digital currency trading services. Revolut’s users will be able to change 27 different fiat currencies (gold and silver) into digital currencies without having to pay foreign exchange fees, according the report.
However, fees will be charged for core transactions. They will vary depending on the customer’s tier. Customers who are standard tier customers will pay 2.5% fees. Premium and metal customers will pay 1.5% fees.
“We plan to provide educational features in the coming months to help customers better understand the trends and risks associated with cryptocurrency,” said Deepak Khanna, head of wealth and trading at Revolut Singapore, “We believe the regulatory strengths in Singapore and proactive industry engagement are key to serving clients with the highest standards.”
Revolut appears to be one of the few organizations that has permission to offer crypto exchange-related services in Singapore. The Monetary Authority of Singapore is tightening its crypto-hinged regulations. Three Arrows Capital, Terraform Labs, Vauld Group and Terraform Labs all had ties to Singapore. This has made the MAS even more cautious to protect consumers.
Revolut is known for its customer-centric offerings and said that its presence in Singapore has been growing all over the place. Its customer base has grown sixfold since the beginning of the year. coronavirus pandemic. The fintech company also disclosed that its revenue ran rate has more that doubled over the past 12 month, which is very encouraging for its business both in the country and globally.
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