From the end of 2021 until now, the cryptocurrency sector in Singapore is going through hard times. Still, Revolut, a fintech plus a cryptocurrency trading firm based in the United Kingdom has decided to expand its business to Singapore.
Revolut Goes to Singapore
Revolut has announced that it is planning to expand its services in Singapore. Revolut has announced it will be introducing cryptocurrency trading services in Singapore.
Despite the current situation of the cryptocurrency industry in the country, Revolut has decided to launch cryptocurrency trading services in Singapore.
Why Cryptocurrency Sector is Not Thriving in Singapore
For now, the regulatory framework in Singapore is not well-defined or clear for the locals. The framework surrounding digital assets and cryptocurrencies is not well-defined.
It is because of the uncertainties and lack of regulatory framework in the particular sector that many companies and investors have withdrawn from their involvement.
Singapore-based investors have to go through many considerations before they decide to invest in cryptocurrencies. The major consideration is the possibility of carrying out withdrawals in Singapore from cryptocurrency firms.
This is the reason why cryptocurrency startups or potential startups find it too difficult to attract many investors to their platforms.
Revolut is Still Determined to Enter the Space
Despite the uncertainties, Revolut has decided that it will enter the particular market by launching its own cryptocurrency trading platform.
For Revolut, it is the perfect opportunity to build a strong customer base in a state that does not have much to do with cryptocurrencies.
It may be correct that cryptocurrency firms are very cautious about expanding or launching their businesses in Singapore. However, it doesn’t mean that people in a particular country are not open to cryptocurrencies.
They are more than likely to adopt cryptocurrencies and may invest tremendously if given the opportunity. It seems that Revolut is ready to gain from the opportunity and its move to Singapore may help bring more service providers.
Revolut Plans on Increasing its Workforce by 20%
Just a few days back, Revolut announced it was planning to increase its workforce by 20%.
It can be said that Revolut was planning to increase its user base to provide more support to Singaporean users. Revolut has confirmed that it has already acquired authorization from the Singapore Monetary Authorities to provide cryptocurrency services in the country.
In the initial run, Revolut will be offering support for at least 27 fiat currencies. The users will also have access to trade in silver and gold. The users will be able to carry out crypto-fiat conversions.
The users will not be paying any kind of fees related to forex and the accounts they will be able to acquire would be tier-based.