British fintech company Revolut has added two more precious metals — platinum and palladium to the list of commodities that its customers in Singapore can trade through its app.
Today, Revolut customers on Standard, Premium and Metal plans can purchase and trade exposure to gold, silver, platinum and palladium based on live market performance data, which the company obtains through its specialised partner.
Any platinum or palladium exposure held by customers is backed by equivalent physical commodities held securely by its precious metals services partner, the company claims.
Similar to gold or silver, the platinum or palladium exposure can be transferred from one Revolut customer to another via its 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. The app will automatically complete the transaction when the market price matches the target set.
“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,” says Revolut Singapore’s head of wealth and trading Deepak Khanna.
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“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,” he adds.