There are limitations to using crypto rails as costs are often high: Diana Avila, Wise

economictimes.indiatimes.com:

money transfers which are low cost and frictionless. Technically, blockchain based cryptocurrencies offer such benefits but face considerable regulatory hurdles. This is where some of the new age money transfer platforms are offering viable alternatives to transfer money. Wise, a global technology company is building ways to move money around the world. Started in 2011, Wise helps people and businesses hold more than 50 currencies, move money between countries and spend money abroad. Globally around 11 million people and businesses use Wise, which processes over £6 billion in cross-border transactions every month. London based Wise entered India in June last year and has tied up with RBL Bank enabling Indians to send money abroad through. In an e-mail interview Diana Avila, global head of banking & expansion, Wise, discusses money transfers, cryptocurrencies and other issues. Edited excerpts:

Did you Know?

From Pro Kabaddi League to IPL, blockchain-based applications have started making a buzz among sports enthusiasts and hardcore fans

Blockchain based cryptocurrency platforms offer a frictionless way to transfer money. Though regulation is still a challenge for them. But do you believe that traditional platforms like Wise will lose their edge if users opt for transfers via cryptocurrencies? It’s interesting to see the different ways this technology is being deployed by different players around the world. Today, a majority of people still need to convert between fiat currencies and crypto, 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. This is where Wise can tackle some of