Western Union is exploring offering a variety of blockchain-based services

Western Union is exploring offering a variety of blockchain-based services

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(Kitco News) – It appears that international money transfer company Western Union is preparing to offer crypto-related services based on several trademark applications filed recently.

Trademark attorney Mike Kondodis highlights filings with the United States Patent and Trademark Office in tweet It was published on Tuesday, which indicates that the company placed its orders on October 18.

Western Union is seeking clearance to offer a variety of services, including the ability to manage portfolios, exchange digital assets and commodity derivatives, issue tokens of value, and provide brokerage and insurance services.

The nature of the applications presented by Western Union indicates that the company intends to launch its own virtual currency exchange and crypto token sometime in the future, along with plans to manage and manage digital assets.

Up until this point, the company has shown a great deal of caution about dealing with blockchain technology. As a major provider of cross-border remittance services, the ability of blockchain technology to facilitate the transfer of funds is undeniable, but the state of technology development and a lack of regulatory clarity have hampered it from getting into it all.

With the increased competition in the money transfer market, it now appears that Western Union is expanding its options in an effort to remain relevant.

Back in 2022, Coinbase, the largest cryptocurrency exchange in the United States, began experimenting with a remittance trial for recipients in Mexico, the world’s second-largest remittance market – posing a direct challenge to Western Union, which currently dominates the Mexican market.

The trial included a service that allowed users to send US dollars and withdraw Mexican peso. Many other providers also entered the Mexican market over the course of 2022, and many financial inclusion solutions emerged to offer alternatives to traditional remittance services.

Despite the high competition, Western Union remains One of the largest players in the global remittance industry and is well positioned to incorporate advances in technology that help improve its services and reduce associated costs.

As former Western Union Global Money Transfer head Odilon Almeida once said, the company is “better positioned to benefit from the long-term cryptocurrency movement than any startup.”

“Cryptocurrency may become an additional option for the way assets are exchanged between people and countries. If that happens, we will be ready to go,” Almeida added. “Western Union is already better equipped to solve such variables because it already moves funds across 130 currencies and devotes significant resources to all of these. The three challenges.

The competition will only increase from here, however, and many multinationals – including PayPal and MasterCard – have recently thrown their hats into the remittance ring.

Disclaimer: The opinions expressed in this article are those of the author and may not reflect the views of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; However, Kitco Metals Inc. cannot. Nor does the author guarantee this accuracy. This article is for informational purposes only. It is not a solicitation to conduct any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. does not accept The author of this article will be liable for losses and/or damages arising from the use of this publication.

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