8.6 C
New York
Sunday, July 14, 2024
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

NEW Revolut UK CEO to make Conference Debut at MoneyLIVE Summit

MoneyLIVE has today announced that Revolut’s newly appointed UK CEO will be making her conference debut at MoneyLIVE Summit 2024, which is...

2024’s Financial Innovators: A New Era of Banking Startups 

In the wake of the COVID-19 pandemic, our world witnessed an unprecedented shift towards digitalization. The banking industry, in particular, has been...

C-suite Banking and Payments Leaders From Across Europe Set to Meet at London’s MoneyLIVE Summit in March

On the 6-7 March 2024 MoneyLIVE Summit will return to London’s QEII Centre to unite over 1000 banking and payments leaders from...

The Evolution of Digital Wallets: A Shift from Physical Cards by 2030

By 2030, we can expect digital wallets to become the preferred payment instrument, offering a myriad of non-payment-related services for consumers.