Global cryptocurrency company Luno announced that it is the first in Singapore to launch an official direct SGD bank transfer feature.
Luno said that its users can now transfer funds without intermediary parties or delays, from any local SGD-denominated bank accounts to their cryptocurrency wallets at no fee.
The firm offers access to popular cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH) and USD Coin (USDC).
Other than a $0 direct deposit, instant buy and sell fee has been reduced from 1% to 0.75% per transaction while maker and taker fees starts from 0% to 0.1% respectively.
Luno has over nine million customers globally and processed over US$21 billion on its exchange.
The company is currently in the process of obtaining a license from the Monetary Authority of Singapore (MAS) to provide its services in Singapore.
“We want to build a platform that makes cryptocurrency investing seamless and accessible for all.
With the new official SGD bank transfer rollout, we’re hoping to help satisfy the growing cryptocurrency investment demand in Singapore, and make the future of finance as straightforward, inclusive and flexible as possible.”
said Vijay Ayyar, VP Asia Pacific & Global Expansion, Luno.