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British neobank Revolut has rolled out cryptocurrency trading for users in Singapore, with more than 80 crypto tokens available via its app.
Revolut said that its exchange process enables customers to convert 27 fiat currencies, gold, or silver into cryptocurrencies without any foreign exchange fees. While there are no “hidden fees,” customers in Revolut’s Standard tier are charged a 2.5% transaction fee, while Premium and Metal customers – who already pay $10 or $20 a month – are charged a lower 1.5% fee.
“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,” said Emil Urmanshin, crypto general manager at Revolut.
However, it seems like that’s all Revolut’s currently offering – allowing users to exchange cryptocurrencies to fiat and back.
According to the company’s Help page, users cannot receive cryptocurrencies sent from an external wallet or even by another Revolut customer. Users also cannot send cryptocurrencies to an external wallet (e.g. MetaMask). Revolut also claims that users’ cryptocurrencies are stored on Revolut’s “internal ledger,” and hence transactions do not occur on-chain, which means that users are unable to view their exposure on the blockchain (who needs Etherscan anyways?).
It’s slightly confusing for experienced traders, but also refreshingly simple for normies who just can’t be bothered with the anxiety-inducing activity of sending and receiving cryptocurrencies, and are just content with looking at their portfolios rise and fall on an easy-to-use app.
In April, Revolut received in-principle approval from the MAS (Monetary Authority of Singapore) to provide digital payment token services under the Major Payment Institution license.