Digital Payment Application Revolut To Allow Cryptocurrency Trading in S'pore

Revolut is a British financial technology company that offers banking services. Founded in 2015 by Nikolay Storonsky and Vlad Yatsenko, it is currently headquartered in London and has since expanded to the city-state in 2020.

Revolut offers accounts featuring currency exchange, debit cards, virtual cards, interest-bearing vaults, commission-free stock trading and many other services.

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A Revolution in Crypto?

Users in Singapore can now buy, hold and sell over 80 cryptocurrencies through the Revolut app.

The exchange process allows customers to convert 27 fiat currencies, gold or silver into cryptocurrencies in one simple step and with zero foreign exchange fees.

There will still be trading fees (of course). However, this is dependent on the tiers the customers belong to.

• Standard: 2.5%
• Premium: 1.5%
• Metal: 1.5%

Image Credit: Revolut

What does it mean for crypto?

Just three months back, the Monetary Authority of Singapore (MAS) has granted in-principle approval to fintech firm Revolut to provide digital payment token (DPT) services under the Payment Services Act.

Revolut Technologies Singapore Pte. Ltd. is already licensed as a Major Payment Institution in Singapore. With a DPT license, they can now offer cryptocurrency services to customers in Singapore.

The company had plans to establish several global product hubs in the Little Red Dot after seeing its customer base grow sixfold since the onset of the Covid-19 pandemic. This is reflective in its revenue after seeing gains of more than two times in the past 12 months.

With strict regulations in Singapore, Revolut could just be the company to lead the onboarding of the next wave of new users with the approval of the MAS.

[Editor’s Note: This article does not represent financial advice. Please do your own research before investing.]

Featured Image Credit: Chain Debrief

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