2 years ago
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The Monetary Authority of Singapore (MAS), the country’s financial watchdog, has authorized Revolut to add gold and silver to its offering for their users.
Revolut will be launching gold and silver on its app with the blessing of Singapore’s regulator as the fintech expands its offering to cater a demanding user base that is looking to gain exposure for more kinds of assets.
Commodities trading may be followed by stocks and crypto
The gold and silver instruments that will be made available on the Revolut app are backed by real metals, based on live market performance data.
No minimum deposit is required to gain access to commodities on Revolut, but transaction fees may vary depending on membership levels (1.5% for standard customers, 0.5% for premium or metal customers).
“Commodities will allow our customers to further diversify their portfolio. We have made sure that obtaining access to gold and silver exposure is as simple and low cost as possible, with customers being able to trade at amounts that suit them”, James Shanahan, Chief Executive Officer of Revolut Singapore, told Business Times.
“Our goal is to give our customers as many options as possible so they can manage and invest their money in the way they want,” he added.
Revolut Singapore is also attempting to acquire a license from Singapore’s financial regulator in order to facilitate stock trading for its customers. Cryptocurrencies may also be an upcoming feature on Revolut Singapore, but licenses and approvals are still pending.
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Revolut looking to open its own crypto exchange
Revolut, one of the largest trading platforms in Europe, has signaled its intentions for developing a crypto exchange of its own as it has put up a job posting looking for a tech lead for the exchange development.
Revolut has been slowly and steadily moving into the crypto space as it has recognized that the volatility of these instruments is likely to attract a lot of trading volumes and with the volumes reducing for other instruments, traders have continued to pile into cryptos and its popularity has been rising over the last 2 years.
This has forced trading platforms to quickly pivot their offerings and Revolut has been quick to do so by offering crypto trading and also planning to introduce its crypto tokens shortly as well. The development of the crypto exchange seems to be a new plan but considering that it is a trading platform that has a massive reach, it makes sense for it to build a crypto trading platform as well.
The new job posting has called for a tech lead to developing a crypto exchange and for someone who has more than 7 years of experience in the tech field and who has very good experience with building matching engines and with leading large tech teams as well.
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