Global cash transfer giant Western Union has revealed that it is evaluating options for the integration of blockchain technology and Cryptocurrency services to its platform. The revelations were made via a blog post and a video on the company’s blog. The news follows an increased buzz around cryptocurrencies globally.
Speaking in the ReutersPlus video, Western Union Global Money Transfer President Odilon Almeida says that they are better poised to benefit from the cryptocurrency movement in the long run in comparison to any other start up given their broad knowledge and experience in the international Money transfer business.
Experience in the global money transfer Business
The president added that the new wave of digital currencies was double entendre. On one hand is the digital currency itself and its underlying technology on the other hand. The blockchain technology is already under review at Western Union. Additionally, the global money transfer giant has also partnered with Ripple Labs to test whether the sending of payments was faster and less expensive than the current model that Western Union uses.
Almeida, in supporting the decision by the firm to adopt blockchain and cryptocurrencies, said that it would not be a long shot given that the company has soaked up enough experience in the over two decades it has been in the global money transfer business. The company hopes to capitalize on its experiences.
Western Union Global Money Transfer says that it has identified three areas that hinder the growth, acceptance and applicability of cryptocurrencies and its underlying technology – Blockchain. These areas are Compliance, Governance and Volatility.
Power of Establishment
The company enjoys a considerable power of establishment including a global outreach and physical addresses in most parts of the world. Western Union also moves money in over 130 currencies and has invested massive resources towards addressing the three Hindrances to Cryptocurrency and blockchain as named above.
The president added that, “Cryptocurrency and its related technology might become one more option for assets to be exchanged between people and countries.” The move to adopt cryptocurrencies in its services is to ensure that when the time comes when crypto will be the generally accepted form of exchange, Western Union is ahead of its peers. CRYPTO IS COMING!