Payment platform Wise ruled out support for encrypted remittances, citing high costs

UK fintech firm Wise ruled out supporting cross-border cryptocurrency remittances on September 5, citing the current high cost. However, Wise noted that cryptocurrencies have additional advantages, such as speeding up the remittance process. Pedro Barreiro, Wise's head of banking and expansion in Brazil, said, "Most people still need to convert between fiat currencies and cryptocurrencies and incur unnecessary friction and fees in the process. We remain very focused on reducing these fees and frictions when moving money around the world." Currently, payments platform Wise only allows users to buy cryptocurrencies with funds in their accounts. Its customers will also be able to receive funds from platforms that offer digital assets, subject to EU and UK legal regulation.