Revolut to launch commodities trading in Singapore. Stocks and Crypto may follow

Rick Steves

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.

investment gold price

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.

FinanceFeeds webinar: Expert panel to discuss market data for multi-asset brokerages  

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.

Read this next

Inside View

Industry Leaders Share Insights on Framing Crypto Payments into FX Brokerage Business

While the allure of crypto payments is strong, caution is essential. The potential benefits in terms of speed, lower fees, and blockchain efficiency need to be weighed against the risks associated with cryptocurrency volatility. 

Institutional FX

FXSpotStream volumes hit 14-month high in November

FXSpotStream’s trading venue, the aggregator service of LiquidityMatch LLC, reported its operational metrics for November 2023, which moved higher on a monthly basis.

Digital Assets

Circle denies ties with Palestinian groups, TRON founder

Stablecoin issuer Circle has denied allegations that it facilitates funding for terrorist organizations.

Retail FX

CySEC hits operator of Titanedge, TradeEU with €90,000 fine

The Cyprus Securities and Exchange Commission (CySEC) announced that it has imposed a fine of €90,000 on Titanedge Securities Ltd due to shortcomings in their regulatory obligations.

Institutional FX

Cboe FX volumes retreats slightly in November 2023

Cboe’s institutional spot FX platform today announced its trading volume for the month ending November 2023, which took a step back after a strong rebound in October.

Institutional FX

Alpha Group seals Cobase majority acquisition

Foreign exchange service provider Alpha Group International plc (AIM: ALPH) has finalized its acquisition of Financial Transaction Services, operating as Cobase.

Digital Assets

TMNG Tokens Successfully Listed on MEXC Crypto Exchange

TMN Global proudly announces the successful listing of its native TMNG token on the MEXC crypto exchange, effective December 1st, 2023. This strategic partnership marks a significant milestone for TMN Global in the crypto space.

Institutional FX

Marex completes acquisition of TD Cowen’s PB business

London-headquartered commodities broker Marex has completed the acquisition of TD Cowen’s prime brokerage and outsourced trading business, which will be integrated into Marex’s capital market division. This division was established following the acquisition of ED&F Man Capital Markets in 2022.

Digital Assets

Talos introduces decentralized liquidity and onchain settlement with Uniswap and Fireblocks

“At the cornerstone of the DeFi ecosystem, Uniswap has the breadth of assets and depth of liquidity that institutional traders need. And to have this partnership powered by Fireblocks, a digital assets infrastructure provider trusted by some of the most renowned institutions, is very fitting.”