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Western Union president Odilon Almeida revealed that the platform could adopt Criptovalute. In an interview with Reuters Plus, the head of the company suggested that the bank is interested in cryptocurrencies as a strategy to offer its customers the opportunity to exchange digital assets with fiat money.
Almeida has revealed that the American financial services network has studied the suitability and compatibility of Cryptos. Now he has come to the conclusion that adoption is the key to the future not only of the Western Union, but also of the entire financial services industry.
In addition, plans are underway to introduce Blockchain technology as a strategy to improve the delivery of services on the network. Almeida has suggested that the ground is being laid to facilitate this transition that will be phenomenal and revolutionary.
Western Union considers the mass adoption of cryptocurrencies as important
According to Odilon Almeida, the exploration that the company is making deepens the question of the traditional adoption of Cryptocurrencies. This essence of this aspect is that Western Union considers the global adoption of Cryptocurrencies as a ratification by the world and therefore an imperative impulse to offer them to their customers.
After introducing the first cryptocurrency, Bitcoin (BTC) in the wake of the 2008 financial crisis, digital assets have become popular day by day. Ten years on, governments, global institutions like JP Morgan and billionaire investors are all interested in cryptocurrencies. In addition, more and more people are becoming aware of Cryptocurrencies and many are participating in Crypto trading trading.
Main adoption, when will it happen?
The limitations that have hindered the mainstreaming of Cryptocurrencies include compliance, governance and volatility. However, much progress is being made, especially looking at the transformation of the sector that is occurring in 2018. For example, most governments have regulatory agencies such as the US SEC, the Japanese FSA, the Reserve Bank of India. , etc. They are working around the clock to simplify cryptocurrency transactions. Secondly, Stablecoin's entry as Tether (USDT) into the scene is creating stability for risk-averse investors.
Therefore, given these advances, mainstream adoption is in sight. It is important to note that the implication of the current bear market is that it offers buying opportunities, the most significant driving factor in mass adoption.
Although it is difficult to predict the expected times with certainty, it is clear that all indicators show that there is an increase and that Western Union will certainly offer Cryptocurrencies to its users.
Ripple tested of the money remittance platform in June 2018
Recently, Western Union has tested a prototype of a Blockchain platform that has been powered by Ripple. Hikmet Ersek, the CEO of the company, however, could not demonstrate cost savings and the integration of Ripple with Western Union was delayed. However, the test pattern of using only ten transactions was heavily criticized as the reason why the results that led to the abandonment were not so impressive. Nonetheless, Blockchain technology remains the ideal option for its cross-border payment system.
Unconfirmed reports indicate that Western Union is still testing Ripple and is devising mechanisms for efficiency. Therefore, Western Union will soon join the rank of financial platforms that offer blockchain and cryptocurrency.
