Western Union Financial Services has revealed that it is evaluating the use of cryptocurrencies and is “ready” to add them to its platform if needed.
In a blog and video , Odilon Almeida, chairman of the company’s Global Money Transfer, said Western Union’s deep knowledge of international money transfers has allowed it to benefit from the cryptocurrency movement.
“Western Union is now ready to adopt any type of currency,” said Almeida.
“We already have 130 currencies. If one day we think it’s the right strategy to introduce crypto-currencies on our platform, technologically, it’s just another motto.
“I think cryptocurrency can become an option for more currencies or assets around the world to be exchanged between people and businesses. If that happens, we would be ready to go. “
Observers said the company could be threatened by the emergence of currencies such as bitcoin, which can be transferred across borders for relatively low fees.
The Western Union money transfer fee can reach $ 4.50 to send $ 50 and $ 9.50 to send up to $ 900.
There's a lot of hype around cryptocurrencies.
— Western Union (@WesternUnion) December 17, 2018
However, in his new video, the presenter says that Western Union can really benefit from cryptocurrency technology.
“Western Union is uniquely positioned to connect the worlds of cash and digital,” said the presenter.
“With billions of bank accounts and more than half a million agents, they are a ramp and exit for global money movements. “
Almeida also expressed his belief that Blockchain technology will transform finance and business.
“Blockchain technology has many applications. It’s about storing information and sharing it very effectively and efficiently, “he says.
“This technology has a lot of potential. You will see more and more ways to use the technology platform. “