In a recent interview, Daumantas Dvilinskas, the founder and chief executive officer of Transfergo, a U.K.-based remittance firm that processes 1 million transactions each year on average, discussed the company’s decision to launch a cryptocurrency trading facility.
Transfergo Launches Cryptocurrency Trading Facility
When asked of the company’s decision to take on the “risk” associated with cryptocurrencies given Transfergo’s “dominant” position within the remittance industry, Mr. Dvilinskas stated:“The reason why we launched crypto today, to the world, is that our clients wanted it.”
“Over the last five years we have built a very vibrant customer group of more than 600,000 people who use us for their remittances, to send money to their families back home, Mr. Dvilinskas continued. “When we asked them, ‘hey, would you like to do crypto with us?’ they said ‘yes’, because currently, the market is highly underserved for a transparent, fair, and convenient solution for our current clients.”
Cryptocurrencies are “Here to Stay”
With regards to Transfergo’s cryptocurrency trading product, Mr. Dvilinskas stated: “The remittance product and the crypto product are separate […] We still have our remittance product, [and] the crypto product is pretty much an ability to buy and sell crypto in a very convenient way. Today, they will not be sending crypto to their friends and families, they will just be buying and selling them for themselves.”
Mr. Dvilinskas stated that the majority of the demand for the company to launch cryptocurrency was coming from European countries wishing to send, and emerging markets wishing to receive virtual currencies.
When asked of his outlook for virtual currencies, Mr. Dvilinskas stated: “We have a very long-term perspective on crypto, and we have seen crypto go through multiple waves. […] We want to be able to provide our customers with a very easy and consumer-friendly way to get access to [cryptocurrencies]. […] “As a platform [cryptocurrencies] are here to stay.”
What is your response to Transfergo’s decision to enter the cryptocurrency industry? Join the discussion in the comments section below!
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