TransferWise CEO: We won't use blockchain until there is more adoption

Taavet Hinrikus, CEO of TransferWise, the cross-border payments startup, discussed his company's views on blockchain in an interview with Fortune. "We’ve looked at different blockchain technologies, but yet we haven’t found anything which enables us to do what we do in a way that is cheaper or faster," Hinrikus stated. The main barrier for blockchain, Hinrikus believes, is the lack of adoption among banks. TransferWise enables its users to move money across borders while paying fees as low as 1%. The company has looked at Ripple to increase its efficiency but has yet to see a better proposition than what TransferWise can currently offer. “If every bank in the world was going through the Ripple network, it would be amazing. Yet how many banks are using Ripple today in production? It’s a very short list,” Hinrikus noted. (Source: Fortune)

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Steven Zheng is a researcher for The Block. He joined The Block in August 2018. Steven graduated from St. John’s University with a degree in economics. Previously, he covered blockchain and crypto at Radicle, a startup analytics firm. He also had brief stints at Cheddar, a media startup, and Bowery Capital, a venture capital firm. He owns bitcoin. Follow Steven on Twitter at: @Dogetoshi

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