8.6 C
New York
Thursday, May 26, 2022
Home Challanger banks Revolut introduces Silver for its EU customers

Revolut introduces Silver for its EU customers

Since this Tuesday, Revolut customers are able to trade silver in the majority of the European Economic Area (EEA).

This feature is excluding Lithuania, Poland, and Hungary (most likely for regulatory reasons, as Revolut has not disclosed why). The addition of silver exposure is available for Revolut’s Standard, Premium, and Metal users.

Read also: Leaked messages from Revolut’s CEO Nikolay Storonsky address the job cut accusations

Revolut has already made gold available at its commodities feature. Silver can be bought in the exact same way. The investment in the precious metal is backed by actual physical silver. This is held by Revolut’s precious metals service provider. For example, Revolut works with a gold services partner (London Bullion Market Association) so that the money you spend on gold exposure is backed by real gold held by this partner.

As a Revolut user, you can send silver to others just as you would any other kind of currency. You can also exchange your silver for gold, cryptocurrency, or e-money.

Ivan Chalov, Revolut Product Owner for Precious Metals said: “Rolling out the Commodities feature to include silver is a further step we’re taking towards allowing our customers to further diversify their portfolio.”

“Many people have felt closed off from obtaining access to precious metals, but we’re stripping back the complexity and fees to make sure that obtaining access to silver and gold exposure is as simple and low cost as possible,” he adds.

Revolut customers can get access to silver and gold immediately by updating their Revolut app and selecting the Commodities tab in the Wealth section of the app.

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

Money 20/20: speakers and agenda

With 4,000+ attendees from 1,900+ companies and 3,100+ IRL meetings booked in 2021, Money 20/20 proved yet again that this is the fintech industry’s premier conference.

Revolut CEO Nik Storonsky launches his AI-based venture capital fund

Billionaire Nik Storonsky, the co-founder of Revolut, one of Europe's largest and richest startups, plans to launch his own AI-based venture capital fund to compete with legacy venture capitalists.

This is how Klarna will merge e-commerce with physical shopping

Klarna launches "virtual shopping" where online shoppers get access to experts in physical stores.

Revolut reached 1.7 million Irish customers

Of the 5 million population, 1.7million people from Ireland use Revolut to some extent.