“The reason why we launched crypto today is because our clients wanted it,” Daumantas Dvilinskas revealed to a Bloomberg podcast on July 27.
He added that the existent remittance product and the novel crypto product are separate. In fact, according to Dvilinskas, the new trading service will allow the company’s large customer base of more than 600,000 people to buy and sell cryptocurrencies in a convenient way.
A New Trading Product for Five Cryptocurrencies
“Today they [TransferGo customers, Ed. Note] will not be sending cryptos [cryptocurrencies, Ed. Note] to their friends and family; they will just be buying and selling them for themselves.”
When asked about what cryptocurrencies TransferGo is looking to offer support for, Dvilinskas answered that his company is considering the leading cryptocurrencies by market capitalization.
A press release from TransferGo published on finextra.com reports that Ether is also currently available for trading alongside the four other major cryptocurrencies Dvilinskas named. According to the same source, the few hours following the launch of the crypto trading product saw over 4,000 new users signing up for the app.
Dvilinskas went on to add that his company has a long-term perspective on crypto, which they have been monitoring throughout the multiple cryptocurrency market phases. He also reiterated his belief that cryptocurrencies are a platform “that is here to stay” and that TransferGo’s main objective with regard to digital assets is to create an efficient, easy and consumer-friendly way for customers to the asset class.
TransferGo and Its Customer Base
Since its launch back in 2012, TransferGo has been considered as a disrupter among the Fintech scene in London and has received prestigious innovative business awards. The company has forged a reputation for harnessing cutting-edge technology to make cross-border remittances less costly, grant near-real-time payouts and circumvent the exorbitant fees charged by other competitors like Western Union and MoneyGram.
Even though most of its customers are migrant workers in Europe, uktech.news reported that the company secured a $10 million series B funding round last May to fund its plan of global expansion.
On the other hand, the new trading option will benefit TransferGo customers by allowing them to invest in cryptocurrencies using their mobile app and enjoy its familiar user experience environment. The product is actually available within the Android and iOS TransferGo app, and customers wanting to trade digital assets will have to undergo know your customer (KYC) and anti-money laundering (AML) procedures, which they reportedly perform for remittance services.
Furthermore, the company pledged to provide efficient customer service support, reportedly offered in seven languages through phone, email and social media platforms like Facebook. This will guide clients through the process of trading cryptocurrencies and provide basic information on the digital assets listed for trade, guidelines on trader’s best practice and the safest way to enter the volatile digital currencies market.