Western Union Considers Using Blockchain Technology And Cryptocurrencies

One of the most popular financial services Western Union is on our crypto news today after a video interview with the Western Union President Odilon Almeida where he said that the company is considering using cryptocurrencies.

Almeida also pointed out that they are exploring how they can improve their financial services by using blockchain technology. The company is interested in adopting cryptocurrencies so that users can exchange them for fiat currencies. However, he made very clear that this could only happen if the idea connects with a global audience.

He also pointed out some of the limitations of cryptocurrencies such as volatility, governance, and compliance as the top three reasons that block the growth of the cryptocurrencies. He explained:

‘’Western Union is ready today to adopt any kind of currency. We already operate with 130 currencies. If we one day feel like it’s the right strategy to introduce cryptocurrencies to our platform, technology-wise it’s just one more currency. 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.’’

The company has already ran a blockchain trial in June this year with Ripple but the CEO of the company said that there aren’t any cost savings from the trial that are relevant to implement Ripple into the system.

The vice president of product at Western Union Asheesh Birla pointed out that it’s impossible for the company to achieve cost savings benefits after making transactions with XRP but if the volume is moved at scale, there is a slight chance to see something surprising.

Almeida remains optimistic about using cryptocurrencies for cross-border payments and he really believes that it could make his company more efficient.