The new feature enables $0-fee deposits through local SGD-denominated bank accounts, making digital assets more accessible to new and seasoned investors in Singapore.
Cryptocurrency platform Luno has launched its direct bank deposits feature for the SGD, which is a first for any cryptocurrency-based service in Singapore.
The novel feature means that users can move SGD funds into their Luno accounts almost instantly with zero fees, and without any intermediaries being involved. To get started, a user only needs to have a Singapore bank account and a fully verified Luno account.
Currently, the conventional method of moving fiat currency deposits from bank accounts to cryptocurrency exchange is through a digital asset platform such as StraitsX, or charging cryptocurrency purchases to credit or debit cards which can incur a substantial service fee.
“We want to build a platform that makes cryptocurrency investing seamless and accessible for all,” said Vijay Ayyar, VP Asia Pacific & Global Expansion, Luno. “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.”