The World’s Largest Money Transfer Company Enters the Cryptocurrency Industry!

international money transfer company Western Unionbased on several recent trademark applications cryptocurrency prepares to offer related services.

Western Union Plans to Enter the Cryptocurrency Industry by Offering Blockchain-Based Services

Company’s trademark attorney Mike Kondoudisunderlined the applications made to the United States Patent and Trademark Office in a tweet and stated that the company filed the applications on October 18.

Western Union is seeking permission to offer a variety of services, such as managing wallets, exchanging digital assets and commodity derivatives, issuing valuable tokens, and insurance services.

The nature of the filings by Western Union indicates that the company plans to launch its own crypto exchange and cryptocurrency at some point in the future, alongside its plans to manage and handle digital assets.

With the competition in the remittance market getting more and more competitive, Western Union seems to be expanding its options to stay up to date.

In early 2022, the largest US-based crypto exchange coinbasestarted a remittance trial for buyers in Mexico, the world’s second largest remittance market.

This posed a direct challenge to Western Union, which currently dominates the Mexican market.

Despite the increase in competition, Western Union remains one of the biggest players in the global remittance industry.

“Cryptocurrency could become one more option for exchanging assets between people and countries,” said Odilon Almeida, Western Union’s former Head of Global Money Transfers.

If that happens, we too will be ready to go into action,” he said.

However, competition will intensify from now on as many multinational companies, including PayPal and MasterCard, have recently stepped into the remittance industry.

*Not investment advice.