Revolut, the global financial super-app with more than 25 million retail customers globally and 2.5 million in Romania, announced that Standard, Plus, Premium and Metal customers in the EEA, Switzerland and the UK can now access Platinum and Palladium exposure through the Revolut app.
Revolut launched its commodity trading feature with exposure to Gold (Au) in March 2020. Three months later exposure to Silver (Ag) was added. 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 to make purchases.
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 close to 100 crypto currencies 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 EEA, Swiss and UK customers who look for alternative assets to further diversify their portfolio. We also walk the talk of our mission to democratize the financial sector.”
“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.
Unlike fiat money, Platinum and Palladium are not regulated in the UK by the Financial Conduct Authority or safeguarded under e-money regulations. Revolut doesn’t offer physical delivery of the metal in hand. As with all investments, capital is at risk.