Western Union makes a U-turn on cryptocurrencies

  • The company does not exclude the possibility of using digital assets.
  • WN is testing Ripple's technology.

The head of Western Union Global Money Transfer Odilon Almeida admitted that the company may add cryptocurrencies to its portfolio. At least this option is not excluded. Speaking in the interview with Reuters, he said that there was no big difference between digital currencies and traditional digital payments processed by the company.

"We already operate with 130 currencies. If one day we feel like it is the right strategy to introduce cryptocurrencies to our platform, technology-wise, it's just one more currency. I think cryptocurrencies may become one more option of currency or assets around the globe to be exchanged between people and businesses. If that happens, we would be ready to launch," he said.

The WN executive explained that high volatility, lack of governance and compliance prevent digital currencies from being adopted on a scale. In general. these comments signal a pivot in Western union's stance towards crypto, as back in June company’s CEO Hikmet Ersek said that the company would not add a cryptocurrency to its services anytime soon.

Meanwhile, Western Union has been testing Ripple's payment solution to see if blockchain allows processing transactions faster and cheaper. Successful results of the tests may encourage the company to deploy Ripple' solution in commercial operations. Even though the company wants to use the technology, not the coin itself, the adoption will send the market a positive signal.

BEST BROKERS TO TRADE CRYPTO

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.