Western Union is Ready for Crypto Use in its Payment & Transfer Services

Dec 22, 2018 at 11:32 // News
Coin Idol
Western Union to use crypto

The American-based leading financial services firm, Western Union, is now more than ready to start using cryptos for payments. Odilon Almeida, the president of Western Union, revealed in a video interview with Reuters Plus, that the financial institution has been evaluating and ascertaining the deployment of digital currency. They are further delving into ways through which the service delivery using distributed ledger technology (DLT) can be improved. Western Union, founded in 1851, operates in more than 200 nations across the globe.

The company is highly interested in adopting cryptoassests as an alternative for clients to exchange effectively for fiat currencies. Nevertheless, the president disclosed that the effort would only appear and be realised if it successfully connects with the world audience.

Option of Currency

Odilon pointed out the imperfections and restrictions of cryptoassets and the reasons why they haven’t registered conventional adoption. Among the restrictions include; governance, compliance and volatility. Stablecoins are trying very hard to answer the puzzle of volatility in cryptoasset markets. Odilon revealed:

“Western Union is ready today to adopt any kind of currency. We already operate with 130 currencies. If we one day feel like it’s the right strategy to introduce cryptos to our platform, technology-wise it’s just one more currency. I think crypto may become one more option of currency, or assets, around the world to be exchanged between people and businesses. If that happens, we will be ready to launch.”

In June this year, Western Union executed a DLT trial with Ripple (XRP), where CEO Hikmet Ersek, said that the planetary money transfer bull didn’t see any cost savings in this trial but would consider merging XRP into its built system for effective cross-border payments.

Asheesh Birla, XRP’s senior president of product, also revealed that it was imaginary and not possible for Western Union to register any cost savings advantages after making ten Ripple transactions.

However, president Odilon is positive about the outlooks of leveraging XRP for cross-border payments, although the tests have been ongoing for quite a long period.

Show comments(0 comments)