London-based remittance company TransferGo has made a pioneering step in the crypto sector, rolling out a virtual currency trading service. In response to strong demand for virtual currencies, the company now allows customers to buy and sell five of the largest tokens by market capitalization, CEO and founder Daumantas Dvilinskas told Bloomberg on Friday.
The cryptocurrencies offered at launch are Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC) and Ripple (XRP).
The crypto service is added to the Android and iOS versions of the TransferGo app, thus allowing users to buy and sell cryptocurrencies “within the familiar environment of the TransferGo user experience”. The feature’s Know Your Customer (KYC) and Anti-Money Laundering (AML) policies are also the same as those that apply to the remittance service. Dvilinskas noted, however, that TransferGo’s remittance and crypto products are separate and the latter will not allow users to send crypto to their friends and families, but only perform trading transactions.
“The reason why we launched crypto today, to the world, is that our clients wanted it.” Dvilinskas said. He went on to prove the declared strong demand, revealing that over 4,000 users signed up within hours of the crypto service’s roll out.
When asked of his outlook for virtual currencies, the CEO stated: “We have a very long-term perspective on crypto, and we have seen crypto go through multiple waves. […] As a platform [cryptocurrencies] are here to stay. 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.”
Founded in 2012, TransferGo currently has over 600,000 registered users and has completed money flow of $1 billion. Notably, since October 2017, the company is a member of RippleNet, a blockchain platform for cross-border payments and settlements.
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