London-based Lithuanian money transfer (remittance) service TransferGo has become the first such business to also provide a cryptocurrency exchange service. TransferGo will offer Bitcoin, Ethereum, Bitcoin Cash, Litecoin and XRP in response to an increasing demand for cryptocurrencies in the UK in general and London in particular.
Established in 2012, TransferGo is a “digital remittance solution” created initially for migrant workers, but now popular across the board in 45 different countries. The company was co-founded by Lithuanian friends Justinas Lasevičius, Daumantas Dvilinskas (pictured), Arnas Lukoševičius and Edvinas Šeršniovas, and while it remains at heart a Lithuanian company, its headquarters are very much in London, and it has an increasingly global image.
In 2017, Dvilinskas recruited former PayPal and Barclay’s CEO Renier Lemmens to be TransferGo’s new Chairman of the Board. TransferGo has more than 65,000 regular daily users, a number which is expanding at the rate of around 1000 per day, a high percentage of which regularly enquired about the likes of Bitcoin and Ethereum.
Daumantas Dvilinskas, co-founder and CEO of TransferGo, spoke of the high demand for cryptocurrencies in a recent interview, saying simply:
“Our clients wanted it.”
Dvilinskas says that his clients wanted the option of purchasing crypto, so he has now provided them with that option.
4,000 Registered For Crypto
The addition of cryptocurrency has proved an instant success, with 4,000 new clients from seven different nationalities signing up specifically for the crypto option within a few hours. The service is available for download on both the Android and iOS app platforms. The new service adheres to the policies of KYC and AML, to which the transfer service is applied.
Dvilinskas was keen to stress that the new crypto exchange is a separate entity to the regular remittance company, even though both are on the same TransferGo platform. Dvilinskas also stated that in his opinion customers would not be purchasing the likes of Bitcoin and Ethereum to send to their relatives in other countries, but will more likely be buying them for their own use.
Dvilinskas has his own opinions on cryptocurrency:
“As a platform, they’re here to stay, and as a platform, 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.”
The Brexit-Effect On British Remittance
Daumantas Dvilinskas believes that without doubt Brexit will have a marked effect on the British remittance market. Where once the UK was one of the dominant nations, in the future other European nations will become more active, while the UK’s share of the remittance business will shrink.
“What we see now is people are moving away (from the UK) and choosing other countries to work.”
With the remittance business in steady demand, and crypto markets flourishing throughout the European Union, expect TransferGo’s business to remain Europe-focused, even if the retain their London base.