UK Remittance Service TransferGo Adds Crypto Trading

UK-based service TransferGo has reportedly become the world's first remittance operator to offer crypto trading, Bloomberg reported July 27.

TransferGo now lets customers buy and sell five major cryptocurrencies - Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin.

"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."

Founded in 2012, TransferGo currently has "Over 600,000" registered users and is partnered with thirty banks.

A remittance is the transfer of money from a foreign worker to another individual across international borders.

In 2017, global remittance flows to developing countries reached a massive $466 billion.

Earlier this week, the CEO of payment giant Mastercard Ajaypal Banga smashed decentralized cryptocurrencies - as opposed to state-issued calling them "Junk." Banga accused cryptocurrencies of "Wild" volatility, claiming they do not "Deserve" to be considered a medium of exchange.

Previously in June, Qiwi Blockchain Te?hnologies, a subsidiary of major Russian fiat payment service provider Qiwi, reportedly launched a crypto investment bank built on a "Classic investment banking model." According to the firm's CFO, the upcoming HASH platform will start offering crypto trading services in 2019, after the company obtains necessary licensing.