British neobank Revolut with a foothold in Singapore is seen as a pioneer of online retail banking. Now, however, the fintech has added a service that involves a financial product with a history that goes back thousands of years.
The new service is pretty exceptional for a neobank: Britain’s Revolut has announced that it will give its premium clients access to a new gold-trading tool.
Revolut said in a blog-post that the service to its clients was straightforward: «You tell us how much you’d like to spend, and we’ll tell you how much gold exposure you can access (based on the price per ounce at the time).»
Portfolio Diversification
Clients will not receive any physical gold. The bank will hold the metal for its clients at the London Bullion Market Association (LBMA). Revolut’s rate is derived from the XAU market rate plus a markup of currently 0.25 percent during market hours and 1 percent during out of market hours.
Revolut customers can exchange their gold holding freely, much like other currencies. Revolut said that the trade was a new way for clients to diversify their portfolio.
