The co-founder of an online money transfer service claimed that cryptocurrencies aren't flexible enough to be adopted on a widespread basis.
TransferWise is an Estonian developed and U.K.-based money transfer service, launched in January 2011. Its co-founder and CEO, Kristo Kaarmann, said Monday that while cryptocurrencies are interesting, they currently have limited use.
"It would be super exciting if the world decides that everyone will use it to buy homes and cars and sandwiches," he told CNBC's Arjun Kharpal at the Money 2020 conference in Amsterdam.
"But the last currency we launched (our service for) was the Egyptian pound and there is actually more things to do with an Egyptian pound than some of these cryptocurrencies," Kaarmann added.
Cryptocurrencies have excited investors and the financial services industry who cite a potential for global use. However, problems with exchange platforms, wild fluctuations in value, and an association with criminality have led to questions over the technology's worth.