Founded in 2012 by Daumantas Dvilinskas, Justinas Lasevičius, Arnas Lukoševičius and Edvinas Šeršniovas, TransferGo is a digital remittance solution for immigrant earners. The firm was officially granted the status of a ‘payment service provider’ by the London Authorities back then.
According to the recent information provided by Bloomberg, TransferGo has been declared as ‘London’s First Remittance Provider to offer Cryptocurrency Trade Services,’ now. The London-based remittance service will also render digital-coin trading services from now onwards, as a reciprocation to the sudden surge in demand for cryptocurrency. The tokens offered would include Bitcoin, Ethereum, Bitcoin Cash, Litecoin and XRP.
In a podcast interview, Daumantas Dvilinskas, founder and CEO of TransferGo, elucidated the reason for this launch, saying:
“Our clients wanted it.”
As per the reports, the interview was with Daybreak Europe’s Nejra Cehic and Markus Karlsson.
The current number of traders on the platform stands around 65,000. Also, a new lot of approximately 1,000 customers gets associated with the platform, on a daily basis.
As per the claims, a bunch of 4000 consumers or more availed the crypto-trading service within first few hours of its launch. The service offered is furnished with a variety of seven languages. Additionally, it is functional on both Android as well as iOS app versions. The KYC and AML policies, originally pursued by the organisation became applicable to the new service as well.
The CEO states that the two offerings will exist independently. In other words, the remittance service and the crypto-service will not be the same. The users will purchase the digital tokens for their personal use and not for the purpose of transmitting them to their relatives. Further, he lays emphasis on his long term perspective over this project, saying:
“As a platform, they’re here to stay. 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.”
In the context of growing demand for remittances, Daumantas Dvilinskas, says that it largely come from Europe. On being asked if it would reduce owing to Brexit, he mentioned that “there will be a reshuffle of people across Europe.” Where the UK has overshadowed the remittance market, he views other parts of Europe becoming more participative.
Furthermore, referring to Scandinavia and Germany, he commented, “What we see now is people are moving away and choosing other countries to work.”
This clearly shows that TransferGo’s prime focus will remain stuck to Europe in the matters of trade.