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The Western Union remittance giant claims to closely observe the pace of global cryptocurrency and is ready to add crypto as a payment option for its customers at any time. According to Odilon Almeida, president of Western Union Transfer, the possibility of integrating the crypt into the company's global currency line is an easy task.
"Western Union is ready today to adopt any type of currency, we are already operating with 130 currencies, if one day we believe it is the right strategy to introduce cryptocurrencies on our platform, from a technology point of view it is just another currency.
I think that cryptocurrency can become a further currency option, or asset, all over the world, to be exchanged between people and companies. If this happens, we will be ready for launch. "
The company is well positioned to help bridge the gap between cash and crypto and has access to billions of bank accounts and over half a million retail agencies.
Western Union has been actively testing Ripple's cross-border payment technology since 2015. The company claims that these tests are still ongoing. Despite the lackluster preliminary results, Hikmet Ersek, CEO of Western Union, cautioned that the company's tests with xRapid were precocious and potentially "too small" to draw firm conclusions.
There is a lot of hype around cryptocurrencies.
Fortunately, we have been transferring money digitally for almost two decades. Come closer #blockchain: https://t.co/Z1fzoH2ujV #WUFintech pic.twitter.com/DFUVYq9vOi
– Western Union (@WesternUnion) December 17, 2018
Since Western Union already transfers the fiat digitally, the company expects that the integration of blockchain and cryptocurrency is perfect. As a massive escalation to the global money movement, Western Union could become one of the first major brands in the financial services industry to tap into encryption as a viable and traditional payment option.
Ersek's announcement alludes to the new hybrid economy that is at the crossroads of digital currencies and legal currencies, where consumers are increasingly allowed to choose the type of currency they prefer to use.
As Almeida explains in the blog post of the company,
"The cryptocurrencies have so far failed to achieve broad acceptance because they have not yet learned three things: governance, compliance and volatility.
But Western Union is already better equipped to solve these variables because it already moves money out of 130 currencies and dedicates substantial resources to all these three challenges. "
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Disclaimer: the opinions expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and operations are at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital assets, nor The Daily Hodl is an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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