Monzo & Transferwise - Cryptocurrency

henrydennis · 26 June 2018 15:55

Update from the Q&A with Erik from TransferWise!

Do you have any plans to enable transfers to (and eventually from) cryptocurrency exchanges? It was the one reason I signed up and never used the TransferWise platform. Instead I use Revolut who do allow such transfers.

Yes. Transfers from cryptocurrency exchanges to TransferWise do work.
However, you can not use TransferWise to send money to exchanges.

I consider myself a DLT tech enthusiast and there must be many others at TW too. With few engineers from TW I’ve been even involved in some cryptocurrency related open source projects (not related to TransferWise), I code some crypto related hobby stuff and own a mining rig… but it is all for fun.

For a strongly regulated financial institution like us, it requires effort to process cryptocurrency related transactions.
It is doable, but I have strong impression that many product teams in TW are focused on rather solving real problems of our customers. You know, many of customers are expats who work or study abroad, pay tuition, send money home, support their families, build businesses abroad etc. When I see why our customers actually need us, I understand why our product teams currently tend to prioritise enhancing speed, dropping prices, adding more currency routes higher than adding support for cryptos.