TransferGo, a London-based remittance service, has become the first remittance provider to offer a cryptocurrency trading service. It will offer Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC) and Ripple (XRP). This in response to strong demand for virtual currencies, according to Bloomberg.
Daumantas Dvilinskas, founder and CEO of TransferGo, expanded what he called a strong demand for cryptocurrencies in a podcast interview with Nejra Cehic of Daybreak Europe 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 every single day.
So now, more than 4,000 users have signed up for the new service – which offers support in seven languages – in the first few hours of launch, according to FinExtra.
The service is available in Android and iOS application versions. The KYC and AML policies followed by the remittance service apply to the new operations service.
The remittance service is separated from the cryptocurrency service, Dvilinskas said. Customers will not send cryptocurrency to their relatives in other countries, but will buy it 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 comes mainly from Europe. When one wonders whether the demand for remittances will decrease because of the Brexit, everything points to a reorganization of the population throughout Europe. For example, the UK has dominated the remittance market, but now it sees other parts of Europe becoming more active.
“What we see now is that people are moving and choosing other countries to work in,” says Dvilinskas, citing Scandinavia and Germany. So TransferGo's business will remain focused on Europe.
But for now the plans with blockchain technology is to become the new tool for information exchange in the financial industry. Or at least that's what the community is starting to believe at TransferGo.
Crypto Remittances To Boost The Use In The Euro-Zone
Brock Pierce, president of the Bitcoin Foundation, has said that bitcoin can become a tool for sending remittances around the world.
Siam Commercial Bank (SCB) recently added EUR and GBP to its remittance platform from Ripple's blockchain. This service will be available to retail customers receiving remittances from Europe, as the bank seeks a partner to support the service, which of course are banks working with Ripple.