Revolut Expands Staff, Following Approval For Providing Crypto Service In Singapore
- Fintech firm Revolut has confirmed increasing its staff capacity by over 20%, marking a major milestone in a bearish market
- Moreover, the firm has also been authorized to provide crypto-related services to customers in Singapore. It will support more than 80 crypto tokens
British financial technology company Revolut has recently launched its crypto services in Singapore, providing crypto investors with buying, selling, and holding options for more than 80 crypto tokens on its app.
As per a recent report by The Business Times, the company said that the exchange enables users to convert gold, silver, or up to 27 fiat currencies into crypto assets in one step with zero foreign exchange fees.
The company has decided to set the transaction fees for customers based on the tiers they lie in. While the users in the Standard tier will be charged 2.5% of the total transaction, Premium and Metal users will only have to pay a 1.5% fee.
December-appointed head of wealth and trading at Revolut Singapore, Deepak Khanna, revealed further plans for the company by stating:
“We plan to provide educational features in the coming months to help customers better understand the trends and risks associated with cryptocurrency.”
He added that the company believes in proactive industry engagement and regulatory strengths in Singapore. The report claims that Revolut has also planned to establish global product hubs in the city-state. Notably, since the Covid-19 outbreak emerged in 2020, the company’s user base in the region has increased six times, and in the last year, its revenue run rate has more than doubled.
In April, the Monetary Authority of Singapore gave a major Payment Institution license to Revolut to offer digital payment token services in the region.
Revolut plans to expand its crypto team by 20%
The company’s expansion strategy has marked a major milestone as the company announced later on Thursday that it will increase its crypto team’s size by 20% in the coming six months. According to a recent Bloomberg story, the firm has already hired 43 people for its crypto team in 2022, nearly tripling the team’s size.
The company currently has advertised 13 positions related to the industry, including positions for software engineers, crypto legal specialists, and experts in financial compliance and crime prevention.
“We see crypto as a long-term play and remain bullish on the crypto industry,” said Emil Urmanshin, general manager of the company’s cryptocurrency division. He revealed that crypto generates 5 to 10% of Revolut’s total revenue. Commenting on the ongoing crypto winter, Urmanshin stated:
“Although there has been turmoil, interest in crypto assets has increased, and we still have more customers trading crypto than during July 2021.”