Western Union Considers Embracing Crypto if the New Asset Class Gains Traction

Western Union Considers Embracing Crypto if the New Asset Class Gains Traction

Financial services and communications behemoth, Western Union, shows interest in taking up cryptocurrencies to give users of its services an alternative choice to send money and remit for local fiat currencies, but only if it is adopted by the public globally

I think cryptocurrency may become one more option of currency, or assets… to be exchanged between people and businesses. It that happens, we will be ready to launch.

Odilon Aleida, President of Western Union Global Money Transfer

Western Union President, Odilon Almeida, said in an interview with Reuters Plus that the company is considering the application of cryptocurrency to their services to give users another means to send and receive money. At the same time, they are looking into how blockchain can enhance their money service conveyance.

Almeida noted three obstacles that hinder the mass adoption of cryptocurrencies which are price volatility (may be resolved by stablecoins), regulatory compliance, and governance.

Western Union is working with over a hundred currencies and countries worldwide. Remittances can be done through their agent locations or through the company’s mobile app.

Western Union Tests Ripple

Back in June, the company held a test run of Ripple’s system using XRP for international payments settlement. After six months of tests Western Union CEO, Hikmet Ersek remarked that cost-efficiency, efficient enough to overhaul the system, is yet to be seen. He follows that the company is open to use XRP if it realizes more efficiency.

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Ripple has been in the crypto news quite a lot these past few weeks. The company behind the world’s second-largest digital currency, XRP, has released statements on growth, a hack, and a number of other developments with its platform. Today, we provide our readers with a Ripple update and the latest developments of the xRapid platform. Ripple Update: Potential Private Key Vulnerability This morning, Ripple provided investors with an update regarding a recent research paper released by DFINITY Foundation and the University of California. In this paper, both parties revealed that a portion of Bitcoin (BTC), ... ﾿ Read The Full Article On CryptoCurrencyNews.com Get latest cryptocurrency news on bitcoin, ethereum, initial coin offerings, ICOs, ethereum and all other cryptocurrencies. Learn How to trade on cryptocurrency exchanges. All content provided by Crypto Currency News is subject to our Terms Of Use and Disclaimer.
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