TransferWise CEO Says Egyptian Pound More Versatile than Cryptocurrencies
The CEO of TransferWise has released a series of statements with mixed reviews in regard to cryptocurrencies in an interview. Kristo Kaarmann stated, “Widespread adoption would be ‘exciting.” He then pointed out however, there are currently very few products or services that can be paid for with cryptocurrency.
With the Mainstream Adoption of Virtual Currencies, TransferWise Could Basically Become Obsolete
Kristo Kaarman than had another interview with a journalist from CNBC on Monday. The interview was for a 20/20 Money Conference that was held in Amsterdam in the Netherlands, which went until Wednesday.
Throughout the interview, journalist Arjun Kharpal took statements from the co-founder of TransferWise in regard to cryptocurrency in which he was heard to say:
“It would be super exciting if the world decides that everyone will use it to buy homes and cars and sandwiches.”
After that, Kaarmann continued on with more opinion on the matter. More specifically he gave his opinion on the absolute functionality of cryptocurrency oriented around the most recent cryptocurrency released on the TransferWise Platform.
“But the last currency we launched was the Egyptian pound and there are actually more things to do with an Egyptian pound than some of these cryptocurrencies.”
While there are certainly more things which can be accomplished with national currencies, this is basically what the focus was on. The Raison D’Etre of the entire Company TransferWise is held in a much more cost-effective way with almost all of the more than 1,000 virtual currencies in existence.
One important thing to take into consideration is that the Egyptian Pound has been in existence for more than a century. The point being is that it will likely be more widely accepted in places than that of a currency which has only been in existence for a decade or less – as is the way of the cryptocurrency godfather, Bitcoin.
Another of the statements made by Kaarmann was in regard to TransferWise having the commitment to making money ‘borderless.’ But, it’s also important to take into consideration that asking people to pay a small percentage of the amount sent through a border won’t have much need to reach a mission that will push the envelope of the human imagination.
It also mainly has the purpose of creating profit from the inefficient practices of the older system used for global finances that are currently in operation. As of now, the only virtual currencies considered capable of being labeled as truly borderless are the major ones like Bitcoin.
As for TransferWise, it was founded in Estonia in 2011. Since then, the company has been officially moved to the UK for the purpose of company headquarters. The platform also gives users a money transfer protocol for people looking to send money on an international level. They made the main goal of the company to provide users a platform with faster transfers which are also much cheaper. This is also regarding transfers being sent internationally across borders throughout many different countries, more so being more effective than the systems already being used.
The company is already being utilized by more than three million people around the world.
In total there is about $2.3 billion USD worth of transfers being completed on a monthly basis, with numbers growing at a considerable rate. 2017 was the first year that the company’s profit numbers were officially recorded. All of this is according to reports made in CNBC, the company is looking to replicate the numbers at least – but more so improving them to an even greater number than that of which they are at now.