Western Union open to introducing crypto and blockchain in the future

Cryptocurrency • December 20, 2018, 6:56AM EST
UPDATED: December 20, 2018, 6:59AM EST
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Money-transfer service Western Union will consider adopting crypto if it sees mainstream adoption. Its President, Odilon Almeida, told Reuters that the company is exploring the space and expects customer demand for the digital asset to increase. "I think cryptocurrency may become one more option of currency, or assets, around the globe to be exchanged between people and businesses. If that happens, we will be ready to launch", he said.

Western Union has also already experimented with blockchain technology earlier this year, conducting a trial with Ripple in June. But there have been feeble results so far according to the Union's CEO, with little cost-efficiency improvement. Still, they remain optimistic, telling Fortune, "It’s about learning. We are looking at blockchain technology and really seeing if it can make us more efficient." (Source: CNN)

AUTHOR

Isabel Woodford profile picture Isabel Woodford

Isabel is The Block's London and European reporter. She previously reported for Reuters in Madrid and London, following on from her time as a freelance journalist for the Guardian and the New York Times. She has a Bachelors in War Studies from King’s College London and a Master of Philosophy from the University of Oxford. Conflict of Interest: Edward Woodford, the CEO of SeedCX, is Isabel's brother. She does not report on any issues related to Seed or advise other authors in any regard.

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