Transfer Company Wise Responds to the Possibility of Remittance Service with Bitcoin and Cryptocurrencies!

UK-based fintech firm Wise, citing high costs cryptocurrency reported that it has currently refused the option to mediate its remittances.

“Crypto Transfers Are Too Costly”

However, the payment platform bitcoin He noted that cryptocurrencies and cryptocurrencies have additional advantages, such as speeding up the money transfer process, but avoiding the costs of exchanging them.

Pedro Barreiro, Wise’s head of banking and expansion in Brazil, said in a statement:

“At the moment, most people still have to convert between fiat and cryptocurrencies and face unnecessary fees and hassles in the process. We remain focused on reducing these fees and issues as people transfer money around the world.”

In line with this, Barreiro stated that Wise is also researching the Latin America region for the crypto asset option, drawing attention to the vibrant digital asset market in the region.

The Relationship Between Wise and Cryptocurrencies

Currently, Wise only allows users to purchase cryptocurrencies using funds in their account. At the same time, its customers can also receive money from platforms that offer digital assets, provided they are regulated under European Union and British law.

While Wise is skeptical about the crypto industry, companies like Brazil-based Dock have announced that crypto assets will be used to process international remittances.

Notably, Wise adopts a model that uses local bank networks to facilitate remittances while supporting the conversion of different currencies. The model eliminates high commissions from cross-border transfers.

*Not investment advice.