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Top Cryptocurrency News: Revolut To Launch Crypto Trading Services In Singapore

06-Aug-2022 By: Rohit Tripathi
Top Cryptocurrency N

Despite the fact that the regulatory climate for crypto in Singapore is not ideal, Revolut, a U.K.-based business operating at the interface of crypto and institutionalized finance, is introducing a crypto trading service in the nation.

The current lack of clarity in Singapore's legal frameworks for crypto and digital assets has caused many investors and firms to either backdown or withdraw from discussions of establishing and sponsoring crypto-specific products in the nation. Despite this, and despite the worldwide market downturn, businesses like Revolut are continuing to make inroads into the Singaporean market, notably targeting the country's crypto-savvy user base.

Revolut announced that it will shortly launch its crypto services in Singapore, coupled with an anticipated 20 percent expansion in employee headcount. The Singapore Monetary Authorities have approved the financial technology business to provide the crypto service as a ramp for crypto-fiat conversions, serving at least 27 fiat currencies as well as gold and silver. Instead of charging foreign currency fees, this service will be dependent on a user's tier or level of platform subscription with Revolut.

Users of Revolut's Standard tier will pay a transaction cost of 2.5 percent, while those of its Premium and Metal tiers will pay a fee of 1.5 percent. Based on the overall value of the transaction, this sum is determined.

“Negotiating traditional exchanges may be challenging, and this process frequently inhibits people from having access to cryptocurrencies. Customers may quickly trade fiat dollars to their preferred cryptocurrencies using Revolut,” according to Emil Urmanshin, Crypto General Manager at Revolut.

What's great about Revolut is that it allows users to simply purchase and sell digital assets thanks to built-in features like the ability to create a stop limit order and a ‘Recurring Buy’ function that helps users to balance out their portfolio when market volatility shapes up. Revolut customers presently have access to more than 80 tokens via its mobile application, with more to be added as market circumstances improve.

Read also: Top cryptocurrency news: Banking giant Citi highlights significance of Merge upgrade on Ethereum’s blockchain

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