In an interview with Bloomberg, TransferGo’s founder and CEO, Daumantas Dvilinskas, revealed that the company added the facility to its iOS and Android apps on the basis of an increase in demand from clients.
Daumantas Dvilinskas said
“The reason why we lauched crypto to the world is because our clients wanted it… With over 4,000 users signing up in the first few hours we can see there is a strong demand in the market for a simple and reliable investment and trading solution.”
However, as of now, Users will not be able to deposit or withdraw their crypto holdings. Only speculative trades (buy and sell) can be done. Established in 2012, TransferGo claims to have 650,000 users worldwide, with a minimum of 1,000 new customers signing up every day. Notably, TransferGo is also a part of RippleNet consortium, a global network of banks and payment processors using Interledger protocol (xRapix, xCurrent) to transmit cross-border payments.
The company has offices in Lithuania and London, UK. Its innovative system enables migrants to transfer money to their family, friends and relatives in the home country using a digital account-to-account business model. This means the money does not have be moved “as funds are paid in and out locally.“
Depending on the country where the transfer originates, TransferGo charges only a fixed transfer fee. Additionally, a fee of between 0.6% and 1.5% is levied for the currency conversion. TransferGo provides money transfer facility in 47 countries including Australia, China, India, UK, Canada, the US and most countries in the Europe.