Western Union is one of the largest international remittance companies. Expanding the field of cryptocurrencies Western Union’s entry into digital currencies has provided
Trademark attorney Mike Kondoudis announced that Western Union has filed a crypto-related trademark application with the United States Patent and Trademark Office.
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Western Union’s entry into digital currencies
Western Union’s application shows that the company plans to launch its own cryptocurrency and virtual currency exchange. Western Union also has plans to develop digital asset management. So far, the company has been cautious about entering blockchain technology.
Odilon Almeida, the former head of Western Union, announced in December 2018 that the addition of digital currencies as a payment option was considered an important upgrade. Digital assets are still not universally adopted and have not mastered asset governance, compliance and volatility. Almeida added:
Cryptocurrencies will become another option for transferring assets between people and different countries of the world. If that happens, we are ready to launch a cryptocurrency division.
Four years have passed since Odilon Almeida’s speech. It seems that the increasing adoption of blockchain technology, along with increasing competition in the field of international transfers, has provided the basis for Western Union’s entry into digital currencies.
Coinbase’s competition with Western Union
Earlier this year, the centralized exchange Coinbase launched a remittance program for Mexican customers. The remittance market in Mexico was exclusively owned by Western Union. With the launch of the Coinbase market, this company became the main competitor of Western Union.
According to Coinbase claims, the exchange’s services are significantly cheaper than traditional cross-border payments. Coinbase aims to serve more than 1.7 billion people globally.
Western Union will continue to be one of the largest players in the global remittance industry. Almeida believes that Western Union plans to benefit from the growing digital currency industry in the long term. Almeida further added: “Western Union will be able to operate in all financial fields. This company currently exchanges 130 different currencies and has significant resources at its disposal.
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Source: blockworks