Globally famous money transfer company “Western Union” has declared that they have been monitoring the global crypto money adaptation and they are ready to add cryptocurrencies to their customers at any time. According to Odilon Almeida who is the Head of the “Western Union Global Money Transfers” section, it is easy to transform cryptocurrencies as the default company currency:
Western Union is ready to accept any of the crypto money types. We are already working with 130 different currency types. According to me, cryptocurrencies may become an alternative to the money or assets for the trades in all over the world. If it happens, we will be ready to add cryptocurrencies to our platform.
The company is at a suitable position for filling the gap between the cash and the crypto market. Thus, WU can be a medium for the crypto money to reach billions of bank accounts and more than a million retail agents.
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Western Union has been testing crypto transfers via Ripple (XRP) since 2015
WU has been performing transfer tests actively with Ripple’s international payment technology cryptocurrency “xRapid” since 2015. The company states that the tests are in progress. In spite of the first negative results, Western Union CEO Hikmet Ersek mentioned that the xRapid tests of the company are at an early stage and potentially too small to predict correctly.
There’s a lot of hype around cryptocurrencies.
Good thing we’ve been transferring money digitally for nearly two decades. Bring on the #blockchain: https://t.co/Z1fzoH2ujV #WUFintech pic.twitter.com/DFUVYq9vOi
— Western Union (@WesternUnion) December 17, 2018
WU expects that the cryptocurrency and Blockchain integration will be done smoothly as they have been digitally transferring the fiat currencies for years. Western Union may be the first respected financial services company which will be using cryptocurrencies as the mainstream payment type.
When we refer to Mr Ersek’s statement, it is evident that there is a hybrid economy which is located at the intersection point of the fiat currencies and the cryptocurrencies. And this will eventually increase the chances of preferring the money type they prefer to use.
