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Western Union explores offering a variety of blockchain-based services

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(Kitoko News) – International money transfer company Western Union appears to be preparing to offer cryptocurrency-related services based on several recently filed trademark applications.

Trademark attorney Mike Kondodis emphasized filing with the US Patent and Trademark Office. Tweet Posted on Tuesday, it notes that the company filed on Oct. 18.

Western Union seeks permission to provide various services, including managing wallets, exchanging digital assets and commodity derivatives, issuing tokens of value, and providing brokerage and insurance services.

The nature of the applications Western Union has created suggests that the company plans to launch its own cryptocurrency exchange and cryptocurrency tokens at some point in the future, along with plans to manage and administer digital assets.

Up until this point, the company has been very cautious about getting involved with blockchain technology. Due to the state of development of the technology and the lack of clarity in regulations, it could not be fully implemented.

With the remittance market becoming increasingly competitive, Western Union now appears to be expanding its options to stay relevant.

In early 2022, the top US-based cryptocurrency exchange, Coinbase, began piloting remittances for recipients in Mexico, the world’s second largest remittance market. This presented a direct challenge to Western Union, which currently dominates the Mexican market.

The trial featured a service that allowed users to send US dollars and withdraw Mexican pesos. Over the course of 2022, multiple other service providers have also entered the Mexican market, with several financial inclusion solutions emerging offering alternatives to traditional money transfer services.

Despite increased competition, Western Union Remains As one of the largest players in the global money transfer industry, it is well-positioned to integrate technological advances that will help improve its services and reduce associated costs.

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

“Cryptocurrencies could become another option as a way to exchange assets between people and countries. I was. “Western Union has already moved funds between 130 currencies and has devoted significant resources to all three of these challenges, so it is well positioned to solve such variables.”

However, with a number of multinationals including PayPal and MasterCard recently taking their hats off to money transfer rings, the competition is only going to heat up from here.

Disclaimer: The views expressed in this article are those of the author and may not reflect the views of the author Kikko Metals Co., Ltd. The author has made every effort to ensure the accuracy of the information provided. However, neither Kitco Metals Inc. nor the authors can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation of an exchange of commodities, securities or other financial instruments. Kitco Metals Inc. and the authors of this article accept no liability for loss and/or damage resulting from the use of this publication.

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