Author: Gan Jia Ci
Co-founder and CEO of TransferWise Kristo Kaarmann feels that cryptocurrencies are currently still not sufficiently flexible for widespread adoption.
TransferWise is an estonian developed and UK-based global money transfer service that was established in 2011.
During an interview with CNBC at the Money 2020 conference in Amsterdam, Kaarmann shared his thoughts on cryptocurrencies. He stated,
“It would be super exciting if the world decides that everyone will use it to buy homes and cars and sandwiches.”
However, he compared the likes of cryptocurrencies to the Egyptian pound. Given the last currency that TransferWise launched its service for was the Egyptian pound, he felt that it was a lot more useful than certain cryptocurrencies.
Despite the fact that the financial services industry and investors have acknowledged the potential of cryptocurrencies for global use, there exist many issues regarding exchange platforms, price volatility and criminal activities associated with the digital currencies that have corroded their value.
Headquartered in London, TransferWise provides a global money transfer service for people to send money beyond national borders. TransferWise aims to allow efficient transfers at a lower cost compared to traditional wire transfers.
With three million users transferring up to 2 billion euros ($2.3 billion) per month, the first full-year profit recorded was last year, and Kaarmann hopes to continue this in 2018.