Remittance Firm TransferGo Adds Support for 5 Cryptos, CEO Says They’re Here to Stay

  • Remittance firm TransferGo is adding support for five cryptocurrencies, including BTC, BCH, and ETH.
  • The firm's CEO revealed he believes cryptocurrencies are here to stay and that TransferGo as a long-term vision for cryptos.

Daumantas Dvilinskas, the founder and chief executive officer of remittance firm TransferGo, recently revealed the company launched a cryptocurrency trading facility, to allow users to buy and sell five cryptocurrencies on its platform.

Speaking to Bloomberg, Dvilinskas revealed the move was a response to customer demand, as TransfeerGo found that users who sent family members money through its platform were interested in using cryptocurrencies to do so.

As such, the remittance company added support for five cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, Ripple’s XRP, and Litecoin. He said:

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.

Daumantas Dvilinskas

He touted cryptocurrencies are a “fair, transparent, and convenient solution” for its clients. Initially, users won’t be able to send cryptos to their friends and family, but will instead have a “very convenient” way to buy them for themselves through TransferGo’s app.

When asked if this was a “clear bet” on whether cryptocurrencies are here to stay, Dvilinskas noted the company has a “very long-term perspective” on cryptos, after seeing them go through multiple waves. Conceding they’re here to stay, he claimed that, as a platform, the company wants to give its customers access to the market.

The CEO of the UK-based company further revealed people in Europe are looking to use cryptos to send money to developing nations. As CryptoGlobe covered, the cryptocurrency community, through charitable projects like eatBCH, has been sending funds to countries like Venezuela and Zimbabwe.

To TransferGo, a company with over 650,000 users growing 100% year-over-year, blockchain technology is “very exciting,” presumably because of its potential. Notably, its move comes shortly after payments service Skrill added cryptocurrency buy and sell options to its platform.

These join a growing number of financial services providers entering the cryptocurrency ecosystem. This year, zero-fee trading app Robinhood launched Robinhood Crypto, and is expanding it throughout the US. Square’s Cash app, headed by Twitter CEO Jack Dorsey, also started offering bitcoin buy and sell options, which as of May netted it $200,000

Hacked Exchange Cryptopia Enables Trading in 40 Different Currency Pairs

New Zealand-based digital asset exchange, Cryptopia has reportedly resumed trading on its exchange as it is now allowing 40 different trading pairs. This, after Cryptopia recently experienced from several different security breaches.

Support For Bitcoin, Litecoin, Dogecoin Pairs Added

Cryptopia’s management announced (via Twitter on March 18th) that it is planning to expand its list of coins which will again be supported on its trading platform. As noted on Cryptopia’s official support website, the exchange has enabled several different trading pairs (as of March 19th, 2019) with major cryptocurrencies. These include bitcoin (BTC), litecoin (LTC), and dogecoin (DOGE).

In response to Cryptopia’s announcement, Twitter user @dgb-chilling, a supporter of DigiByte (DGB), a cryptocurrency that uses five different mining algorithms, said that he had emailed the exchange’s support team to inform them regarding the coin’s latest update (version 6.17.2). He added that “an upgrade was recommended but not mandatory.”

Meanwhile, Chuck Norris (@CryptoTweet6) remarked: 

Now this is good news! Let’s hope the rest of the coins will be released for trading swiftly.

Other users also considered it “good news” that the compromised cryptoasset exchange was gradually resuming its operations. However, one social media user asked when Cryptopia would start enabling deposits while another inquired about why his ARK coins were still not recoverable from the trading platform. He claimed that he had deposited 1,000 ARK, currently valued at around $628, (a popular proof-of-stake based coin) on Cryptopia. The user also complained that his coins were missing “missing because [the exchange] did not update the ARK wallet."

Tens Of Millions Of Dollars Stolen In Hack

On February 27th, 2019, Cryptopia’s management announced that it was “assessing the impact incurred as a result of the hack” which led to the theft of tens of millions of dollars in cryptocurrency. Last month, Cryptopia’s support team had also estimated that the total loss incurred due to the security breaches was of around 10% of its total holdings (in the worst-case scenario).

Notably, the exchange’s official Twitter account had been silent for several weeks (since Feburary 14th). However, it released several announcements, starting in late February, in which it revealed that its staff members were working on securing each customer’s account individually. Cryptopia’s management also noted that it was taking the appropriate measures to ensure that its trading platform is secure when it is officially back online.