- Revolut introduces Platinum (XPT) and Palladium (XPD) exposure, enabling customers in Singapore, to diversify their portfolio with a wider choice of commodities
- Revolut’s customers on Standard, Premium and Metal plans can now trade Gold, Silver, Platinum and Palladium directly via the Revolut app
- All the purchases are backed by equivalent physical commodities held securely with a trusted precious metals services partner
Singapore, January 30 2023 – Revolut, the global financial super-app with more than 25 million retail customers, announced today that Standard, Premium and Metal customers in Singapore can now access Platinum and Palladium exposure through the Revolut app.
Revolut launched its commodity trading feature in Singapore with exposure to Gold (XAU) and Silver (XAG) in March 2022. Customers have used the opportunity to diversify their asset portfolio making gold and silver widely owned assets on the super-app. Today, Revolut decided to add two more precious metals, Platinum (XPT) and Palladium (XPD).
All precious metals are available via the Revolut app in the Commodities tab in the Wealth section. Customers can purchase and trade exposure to Gold, Silver, Platinum and Palladium, based on live market performance data which Revolut obtains through its specialized partner.
Any Platinum or Palladium exposure held by customers is backed up by real, physical XPT or XPD securely held by Revolut’s trusted precious metals services partner. Like Gold or Silver, Platinum or Palladium exposure can be transferred from one Revolut customer to another via the Revolut app, or converted instantly into cryptocurrency or e-money.
Revolut also offers an auto-exchange feature whereby customers can set a certain price at which to trade Platinum or Palladium exposure, with super-app automatically completing the transaction when the market price matches the target set.
The addition of Platinum and Palladium to the Commodities feature is the latest step Revolut has taken to remove the barriers associated with traditionally inaccessible financial products, and follows the expansion of 30+ fiat and over 80 cryptocurrencies customers can buy, hold and sell in the super-app.
Yaroslav Kravchenko, Director of Wealth & Trading at Revolut said: “We are excited to extend the Revolut Commodities feature to include exposure to two more precious metals, Platinum and Palladium. We’re taking this step to enable our customers in Singapore who look for alternative assets to further diversify their portfolio. We also walk the talk of our mission to democratize the financial sector.”
Deepak Khanna, Head of Wealth & Trading at Revolut Singapore said:
“Many people still feel closed off from obtaining access to alternative assets such as commodities. This is why we are stripping back the complexity and fees to make sure that getting access to Platinum and Palladium exposure is as simple and low cost as possible. Our goal is to open up as many options and financial products to customers as possible, so they can save, invest and manage their money in the way that they want.”
Revolut customers can get access to Platinum and Palladium exposure immediately by updating their Revolut app to the latest version and selecting the Commodities tab in the Wealth section of the app.
Revolut’s precious metal product is not regulated under the Payment Services Act 2019 and is therefore not safeguarded in accordance with the relevant safeguarding provisions of the Act. As with all investment products, the customer’s capital is at risk.
For further information please see Revolut’s Precious Metals Trading Terms and Conditions: https://www.revolut.com/en-SG/legal/precious-metals/
Revolut’s fees for gaining or exchanging Platinum and Palladium exposure are tied to the market exchange rate, and are set out in detail here:https://www.revolut.com/en-SG/legal/fees/
Revolut is building the world’s first global financial superapp to help people get more from their money. In 2015, Revolut launched in the UK, offering money transfer and exchange. Today, more than 25 million customers and hundreds of thousands of businesses around the world use dozens of Revolut’s innovative products to make more than 330 million transactions a month. Across our personal and business accounts, we help customers improve their financial health,
give them more control and connect people seamlessly across the world.