TransferGo, a UK-based money transfer, and remittances company, has become the first of its kind to offer cryptocurrency trading services.
The move allows it to offer its customer base a chance at buying and selling five top crypto assets –– top coin Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Ripple (XRP), and Litecoin (LTC).
The company has said that its decision to launch the crypto facilities was informed by increased demand from the company’s customers. The remittance platform prides itself on its reputation as a trusted and transparent service provider.
According to the company’s CEO and co-founder Daumantas Dvilinskas, adding the cryptocurrency option was in line with its empathy for the customer. It meant coming up with a facility that helps address pain points as expressed by the customers.
The CEO went on to state that there were “over 4,000 users signing up in the first few hours” of the launch. As such, the company believes that “there is a strong demand in the market for a simple and reliable investment and trading solution.”
The crypto trading facility is currently available in both Android and iOS on Mobile and tablet, as well as on Desktop.
The TransferGo app also complies with the KYC and AML requirements. It is similar to what is required when using the main remittance platform. The result is that it makes the app more transparent as well as safe for users.
According to the CEO Dvilinskas, venturing into mobile is very essential to meeting customer demands.
“We at TransferGo have already noticed the incremental increase in the use of various mobile devices, with mobile phones even overtaking desktop usage in the last year, leading to our revolutionary decision to launch close to real-time money transfers for desktop and mobile users, so we can serve our customers even better.”
TransferGo was founded in 2012 and has seen tremendous growth over the last few years. The platform reportedly adds over 1k new users every other day and currently boasts over 650,000 registered users.
TransferGo has also done over $1 billion in money flow, leveraging its popularity as a top Pan-European remittance company. Much of that popularity is down to its speed, with transactions often settled within 30 minutes.
To its credit, it has signed several partnerships that make it possible to get money to any European destination faster. Among these partners are some thirty banks.
The UK-based company’s expansion into the crypto industry will see it carve a chunk of a growing international money transfer and remittance industry. Estimates in 2017 put the global money transfer to developing countries at over $466 billion.
The battle for this market will likely see major international remittance companies seek to capitalize on the growing influence of cryptocurrency.
The company’s move comes at a time when some of the top payment and money remittance companies see crypto as unnecessary. For instance, MasterCard CEO Ajaypal Banga recently expressed concern about the volatility of decentralized cryptocurrencies.
He explained that these assets are more like “junk” and should not be viewed in the same light as other media of exchange.