Revolut announced today (August 4) the launch of its cryptocurrency service in Singapore, which is available from today onwards.
The new cryptocurrency service will allow Revolut’s customers to buy, hold, and sell cryptocurrencies within its app, and will provide access to more than 80 different tokens.
In addition to the basic functions of buying and selling cryptocurrencies, customers will be able to set up a stop or limit order, or use the app’s recurring ‘buy’ feature to average out market volatility.
The app will also offer budgeting features, shopping rewards, and peer-to-peer payments, among other functions.
Revolut believes in simplifying money management through a single app. Rather than having five different apps that all do different things, Revolute aspires to be a hub for someone to manage their entire financial life in one place.
– Deepak Khanna, Head of Wealth and Trading, Revolut Singapore
As such, Revolut’s crypto services will simply be one of many services that the company will offer, and the company’s crypto services will be integrated with its existing services.
Customers will be able to exchange 27 different fiat currencies, gold, or silver, into cryptocurrencies without foreign exchange fees, within limits.
The company has also promised that there are no hidden fees in the new service, with flat transaction fees of 2.5 per cent for standard plan customers, and 1.5 per cent for premium and metal plan customers.
However, Revolut has not specified which cryptocurrencies customers will be able to trade through the app, and declined to comment on how these cryptocurrencies are chosen.
Beyond enabling crypto trading
Revolut will also be launching educational courses for customers who wish to invest in cryptocurrencies.
According to Khanna, these courses will be short and free, and are meant to “help customers become more familiar with crypto concepts.”
However, Revolut has also noted that for now, courses will only serve as a starting point for customers hoping to get into the cryptocurrency world.
It is important to understand the trends, risks, and potential opportunities associated with any financial product or service, cryptocurrencies included. Though cryptocurrencies are becoming increasingly popular, it is important that users understand the pitfalls associated with it, so making education on it increasingly important.
We hope the courses empower our customers to make the best financial decisions they can, and inspire an appetite to learn more about crypto, and other financial products.
– Deepak Khanna, Head of Wealth and Trading, Revolut Singapore
He also promised that there are more features underway, including more courses on cryptocurrencies that cover deeper topics in cryptocurrency.
Separately, the Monetary Authority of Singapore (MAS) has repeatedly expressed concern that cryptocurrencies are not suitable for retail investors, and has been imposing restrictions on what crypto companies can do to advertise their services.
As recently as last month, MAS has hinted that newer regulations are in the works, covering issues such as consumer protection, market conduct, and reserve backing for stablecoins.
Khanna cautioned that “crypto may [indeed] not be suitable to all”, but the company intends to help anyone interested in cryptocurrencies to learn about them, and plans to design Revolut’s crypto services to be accessible in a seamless manner.
Revolut’s plans for the future
The global fintech startup received its in-principle approval from MAS to offer cryptocurrency services in Singapore in April this year.
The company had previously obtained a licence as a Major Payment Institution in Singapore, in addition to a Capital Markets Services licence.
Revolut has also reportedly seen its customer base in Singapore grow six-fold since the onset of the COVID-19 pandemic, with its revenue run rate more than doubling in the past 12 months.
As one of the companies that has been weathering the crypto winter relatively well, Revolut hired 43 crypto staff globally in the first half of the year. These hires included specialists for the company’s global ambitions, as well as financial crime prevention and compliance teams.
According to Khanna, the company is still recruiting for crypto roles, including for crypto compliance and professionals with crypto experience working in legal fields.
Revolut has also chosen Singapore as a cornerstone of its global business, and plans to establish global product hubs from Singapore. When asked why Singapore was chosen, Khanna elaborated that Singapore’s pro-business environment and cosmopolitan workforce, were among the reasons for their choice.
This is in line with comments from Sid Jajodia, Chief Banking Officer at Revolut, who has previously stated that for crypto companies, “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 place where fintech startups like them can thrive while providing 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
