TransferGo, a London-based payment remittance service company, recently announced that they will be adding cryptocurrency trading in their app. The currencies offered at launch are Bitcoin [BTC], Ethereum [ETH], Bitcoin Cash [BCH], Litecoin [LTC], XRP [XRP]. This marks the first time a remittance service has added a cryptocurrency trading facility.
Notably, TransferGo is a member of RippleNet, with a partnership occurring in October last year. RippleNet is Ripple’s network of banks that utilize the company’s products to move money globally.
The unique selling proposition of TransferGo is speed, and it is claimed that the company can guarantee remittances settling within 30 minutes. They also have a userbase of 650,000, with a growth rate of 100% on a year-over-year basis.
On the launch of cryptocurrency trading services, Daumantas Dvilinskas, the Founder and CEO of TransferGo, stated:
“We’ve launched this cryptocurrency trading facility in response to demand from our user base. Our innovation is driven by empathy for our customers and our focus is wherever there’s a point of friction for them. With over 4,000 users signing up in the first few hours we can see there is a strong demand in the market for a simple and reliable investment and trading solution.”
The service in question 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”. This is coupled with the Know Your Customer [KYC] and Anti-Money Laundering [AML] checks that are the same as those used by the remittance app to ensure transparency with regulators.
Combined with the sizeable user-base that TransferGo has, it will bring a percentage of users into trading cryptocurrencies for the first time. Moreover, as a cross-border remittance service, users can make use of both the company’s services and cryptocurrencies to send money at a lowered cost.
Jan Yakira, a cryptocurrency enthusiast, stated that this move is part of a bigger wave of market movement towards adoption. He said:
“The entry of cryptocurrencies into mainstream remittance and payment services is beginning to gain traction. While mainstream financial institutions such as banks still shy away from adoption over regulatory concerns, the small players like Wirex, Skrill and, now, TransferGo are picking crumbs off the table for profits. More interesting is the amount of exposure new people gain to cryptocurrencies, which is what we need for global proliferation.”