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Transferwise Blocks Deposits to Bitcoin Processor Cashila

Last Updated March 4, 2021 4:50 PM
Olusegun Ogundeji
Last Updated March 4, 2021 4:50 PM

Euro and bitcoin payment processor Cashila has hinted that Transferwise has decided to block deposits to its bank accounts.

Transferwise is a traditional money transfer service which gained popularity promising cheaper money transfers. Cashila users often use it to deposit funds into their accounts and to ICONOMI, its ether-based service.

As a result, it surprised Cashila when one of its users complained that it was no longer possible to send funds to the processor through Transferwise.

Cashila stated on its website:

Transferwise did not notify us beforehand of their decision. We immediately tried to reach out and urge them to reconsider their stance. Unfortunately, their response was short and negative: We don’t support crypto currency platforms due to the regulations we follow. Unfortunately there is not much more to say regarding the matter.

Cashila says Transferwise’s response was not completely unexpected. It cites a recent remark regarding bitcoin by Transferwise CEO, Mike Hearn. He reportedly stated that he thinks bitcoin is dead, and no one is using it. 

Hearn claims to have spent more than five years being a bitcoin developer in a post on medium.com.  Hence, he could justify his outlined reasons for being uncomfortable with the bitcoin community.

Some Transferwise alternatives that Cashila presented to its users include currencyfair.com, azimo.com, and covercy.com.

Cashila enables its users to pay household bills with bitcoin or transfer some into a bank account. It also allows seamless euro payments to any SEPA bank accounts directly from a Mycelium Wallet or top up a prepaid credit card.

Its ICONOMI platform allows buying, selling and storing ether, the cryptocurrency of the Ethereum project.

Featured image from Shutterstock.