Remittance Firm Launches #Cryptocurrency #Trading
Service, Says #Crypto
’s ‘Here to Stay’
TransferGo, a London-based remittance service, has become the first remittance provider to offer a cryptocurrency trading service, and will offer #bitcoin
, in response to a strong demand for cryptocurrency, according to #Bloomberg
Daumantas Dvilinskas, founder and #CEO
of TransferGo, expanded on what he called a strong demand for cryptocurrencies in a podcast interview with Daybreak Europe’s Nejra Cehic and Markus Karlsson. “Our clients wanted it,” Dvilinskas said. Customers, when asked, said they wanted to buy cryptocurrencies. TransferGo has more than 65,000 users and is adding 1,000 new customers daily.
Meeting A Customer Need
More than 4,000 users have signed up for the new service, which offers support in seven languages, in the first few hours, according to FinExtra.
The service is available on both the Android and iOS app versions. The KYC and AML policies the remittance service follows apply to the new trading service.
The remittance service is separate from the cryptocurrency service, Dvilinskas said. Customers will not be sending cryptocurrencies to their relatives in other countries but will be buying them for their own use.
Dvilinskas said he has a long-term perspective on cryptocurrencies. “As a platform, they’re here to stay,” he said. “And as a platform, we want to be a very easy and user-friendly way for consumers to get access to these. Which ones will succeed or fail, that’s a completely different topic.” The demand for remittances is mostly coming from Europe, he said.
Asked if the demand for remittances will decline on account of Brexit, he said there will be a “reshuffle” of people across Europe. Where the U.K. has dominated the remittance market, he sees other parts of Europe becoming more active. “What we see now is people are moving away and choosing other countries to work,” he said, citing Scandinavia and Germany. TransferGo’s business will remain Europe-focused.
Blockchain technology will become the new tool for information exchange in the financial industry, he added.