Kristo Kaarmann, co-founder, and CEO of TransferWise, an international money transfer service, claims that cryptocurrencies lack the necessary flexibility for general usage.
During the Money 2020 conference in Amsterdam, Kaarmann expressed his opinion on cryptocurrency in an interview stating it will be very pleasing if people could use cryptocurrencies to do daily transactions.
The latest currency TransferWise introduced was for the Egyptian pound, according to Kaarmann, noting that there are more opportunities available with Egyptian pound compared to some other cryptocurrencies.
Even though the financial services industry and investors have mentioned the possibility of using cryptocurrencies globally, there have been issues with exchanges, instability and a connection to illegal activities that have weakened cryptocurrencies’ value.
TransferWise revealed during the conference that it has collaborated with BPCE, a French banking group, to offer its service to the banking group’s clients.
The transfer service will join with the banking group’s apps in 2019. BPCE will become the world’s biggest bank with transparent pricing, including being France’s cheapest bank for sending funds abroad. Close to 3 million users send 2 billion euros monthly using TransferWise.
TransferWise is worth over $1 billion, yet the company has no plans to list on the stock market or find a banking license, Kaarmann noted. Kaarmann had no intention to give further details regarding the topic, but he stated that the company will remain to make money “borderless.”