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The co-founder of TransferWise Calls to Question the Flexibility of Bitcoin for Widespread Adoption

 

During the well attended Money 2020 conference recently held in Amsterdam, an interaction ensued between Arjun Kharpal of CNBC and Kristo Kaarmann, co-founder and CEO of TransferWise that made headline news.

 

During the interaction that drifted towards a discourse on cryptocurrencies, Kaarman reportedly doubts about the possibility of Bitcoin`s widespread adoption owing to his belief that Bitcoin is not sufficiently flexible - an attribute he considers does not auger well for universal usage. He nonetheless also speculated about the zest and excitement that would occasion a world where cryptocurrencies are used in everyday routine purchases.

 

Now it will be important to refresh our memories on what TransferWise, the company run by Kaarmann does to better appreciate the views he shared about Bitcoin that seem to have ruffled some feathers. TransferWise is one of the credible global money transfer services that is making tremendoues impact in the industry within which it operates. The most recent currency launched its services for was the Egyptian pound.

 

During Kaarmann`s recent interaction with Kparpal , he made mention of the Egyptian pound, giving what some may perhaps consider the rationale for that launch. He reportedly asserted that there a lot more uses for the Egyptian pound than for some cryptocurrencies.

 

Contrary to the doubts expressed by TranferWise CEO about Bitcoin`s potential to achieve widespread usage, the financial services industry and some investors have pointed the potential for cryptocurrencies to move further than its current usage into global use. Admittedly, some challenges have been associated with volatility, exchanges and links to illegal operations, calling to question the value and relaibility of cryptocurrencies.

 

Transwire partners with BPCE

One of the highlights of this year`s Money 2020 conference was the announcement of a partnershup between two top class organizations, namely TransferWise and BPCE, a Freanch banking group.

 

What was the intent of the partnership?

 

TransferWise announced the partnership was intended to be the vehicle for the provision of transfer services to customers of the banking group.

 

The plan for the operationalization of this partnership includes the integration of the transfer service of TransferWise with the banking group`s apps in 2019. This partnership will put BPCE ahead of several other banks not only in France but across the globe. What exactly does this mean? BPCE will be considered (and rightly so) as the world`s ‘largest’ bank with transparent pricing. This partnership will also make BPCE, France`s cheapest bank for transfering money beyond the shores of France – around the globe.

 

More about TransferWise

TransferWise has earned the enviable status of being one of the most widely used global money transfer companies, with close to $3 million users sending $2 billion euros on a monthly basis. Earlier this year, TransferWise reported its first full-year operating profit and plans on doing same in 2018.

 

The company is valued in excess of $ 1 billion. However according to its CEO, Transferwire has no plans of listing on the stock market or securing a banking license, at least not any time soon.

 

Kaarmann expressed the companies commitment towards working to make money “borderless”.