Digital bank Revolut announced earlier this week its standard, Premium and Metal customers may now have access Silver through the Revolut app. According to Revolut, Silver and Gold are now available through the Revolut app in the Commodities tab in the Wealth section of the app.
“Customers can purchase and trade exposure to silver and gold, based on live market performance data which Revolut obtains through its trusted precious metals services partner.”
Revolut further explained that any silver exposure held by users is backed up by real, physical silver, securely held by the digital bank’s trusted precious metals services partner.
“Like Gold, Silver exposure can be transferred from one Revolut user to another via the Revolut app, or converted instantly into cryptocurrency, or into e-money to make purchases.”
Speaking about the addition of Silver, Ivan Chalov, Product Owner for Precious Metals at Revolut, stated:
“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.”
Chalov then added the Revolut team’s goal is to open up new financial products for our users and give them as many options as possible so they can save, invest and manage their money in the way that they want.
The Silver news comes just days after Revolut announced the addition of American Express (AMEX) to its Open Banking feature. As previously reported, the feature allows the bank’s retail customers in the UK to connect their American Express and other banks accounts to Revolut, making it possible to see all of their balances and transactions in one single app.
“With Open Banking, Revolut’s retail customers in the UK can now connect their Amex accounts and bank accounts to Revolut, and see everything in one place, such as Revolut balances and transactions alongside their Amex account transactions, all within the Revolut app.”
