Head of banking and expansion at Wise talks about crypto and plans in India
Wise (formerly TransferWise) hasn't integrated crypto payments into its platform, and it seems that there are a number of complexities related to that part. Meanwhile, in an interview with ET Times, Diana Avila, global head of banking and expansion at the payments platform, talked about the future plans of the firm and shared her views on cryptocurrencies.
Wise can address crypto-related challenges
In her interview with ETTimes, Avila was asked if she believes that cryptocurrencies are a threat to platforms like Wise, to which she said that "it is interesting to see the different ways this technology is being implemented by different players around the world" and that hinted that the platform does not see cryptocurrencies as a rival technology.Alvila further talked about the damage that the cryptocurrency investors have taken recently:
"Today, most people still need to convert between fiat and cryptocurrencies, and these people incur unnecessary friction and fees during the process, which means there are limitations to using crypto rails today, as the costs, are often prohibitive."She believes that "Wise can address some of those challenges" as the platform "focuses on lowering fees every time people move money around the world."
Currently, you can receive money to your Wise account from a platform that deals with cryptocurrencies, but you can't send money to a cryptocurrency platform.
Innovation and growth in India
Avila was also impressed by the innovation and growth of India, which she believes is "very exciting." "India is home to one of the most connected populations, and people are comfortable accessing digital financial services through their phones," she added.India has a strong presence in the crypto world, as per the CEO of Binance, Changpeng Zhao, who also said that "India is a huge market, as well as a leader in technology, and therefore will be a natural frontrunner for web 3.0 startups."
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