TransferGo, a remittance service headquartered in London, has decided to stir a new tide by becoming the first remittance provider to offer a cryptocurrency trading service. The remittance service would offer Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC) and Ripple (XRP), in response to strong demand for digital currencies, according to Bloomberg.
Founder and CEO of TransferGo, Daumantas Dvilinskas, in a podcast interview with Daybreak Europe’s Nejra Cehic and Markus Karlsson explained the current strong demand for cryptocurrencies: “Our clients wanted it!” he 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.”
Customers on TransferGo
The remittance service which is available on both Android and iOS app versions, and offering support in seven languages now has more than 4000 users signed up, according to FinExtra. This is astounding for a service that is only a few hours old.
Dvilinskas, however, insisted the remittance service is separate from the cryptocurrency service, as customers would be buying cryptocurrencies for their own use instead of sending them to their relatives in other countries.
The TransferGo founder believes cryptocurrency won’t be going anywhere anytime soon.
“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.”
He further revealed that the current demand for remittances is mostly coming from Europe. Predicting a ‘reshuffle’ of people across Europe, on account of Brexit, he sees other parts of Europe becoming just as active as the UK in the remittance market also. He added that “What we see now is people are moving away and choosing other countries to work,” he said, referring to Germany and Scandinavia. “TransferGo’s business will remain Europe-focused.”
He also believes that blockchain technology will become the new tool for information exchange in the financial industry.